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Whale activity on the Dogecoin network has surged, driving bullish sentiment as the MACD indicator signals a potential price rally to 30 cents. Analysts are watching for a breakout as the meme coin gains momentum from increased address activity.
Whale Activity Sparks Bullish Sentiment
The MACD signal suggests that Dogecoin (DOGE) could be poised for a significant surge in the near future, according to crypto market researcher Ali Martinez.
He pointed out that the meme currency experienced a 90% and 180% spike, respectively, the last two instances when a bullish MACD crossover occurred on the weekly chart. As a result, if this pattern holds, the price of DOGE could jump to 20 cents and 30 cents, respectively.
MACD Cross Signals Potential 30-Cent Rally
Investors are keeping a careful eye on Dogecoin in anticipation of a possible price breakout due to technical signs indicating the formation of another MACD bullish crossover.
New features and updates to the Dogecoin ecosystem are also working to make the cryptocurrency more user-friendly and practical. To increase the network's transaction capacity and bring the meme coin to areas with poor connectivity, the Dogecoin Foundation has been developing projects such as LibDogecoin, GigaWallet, and RadioDoge.
Dogecoin Price Declines but Whale Activity Soars
According to an on-chain statistics source, Santiment, Dogecoin's price has been reduced by about 18% since last Saturday's high. But even with the price drop, DOGE whale activity is still robust, which is helping to feed the altcoin's upward momentum.
According to Coingape, whales' activity on the Dogecoin network touched a 4-month high, even though they cashed out before the latest peak. This suggests that they might not be finished with the asset yet. If this trend keeps up, it might mean further price movement is on the horizon.
Surge in Active Dogecoin Addresses Fuels Optimism
With 84,306 active DOGE addresses, Dogecoin has also had the biggest increase in activity over the past seven months. The increase in the number of daily active addresses suggests that the meme coin is gaining more and more interest, which could lead to a surge in network activity.
