The cryptocurrency market has taken a significant hit amid the ongoing conflicts between Iran and Israel, leading to sharp sell-offs. Despite the turbulence, some analysts remain optimistic about certain tokens. One seasoned crypto analyst has forecasted a notable rally for the original meme coin.
A 180% Rally Prediction for the Original Meme Coin
Amidst the market sell-off, experienced analyst Ali Martinez has pointed out key metrics for Dogecoin. The potential rally comes at a time when DOGE is trading in line with the broader market. Martinez has highlighted significant increases in on-chain activities, such as the number of new addresses. The weekly chart for Dogecoin, according to Martinez, shows the MACD (Moving Average Convergence Divergence) indicator signaling a potential bullish crossover. If this occurs, Martinez suggests that a 180% rally could be on the horizon.
Historically, this pattern has accurately predicted substantial upward movements for Dogecoin. Martinez cites previous examples where DOGE surged by 90% and another instance where it skyrocketed by 180%. The same MACD pattern, which triggered those rallies, seems to be forming again. Dogecoin is currently hovering around the $0.10 mark. If it were to rise by 180%, DOGE would reach $0.29.
Other Analysts Also Predict a Bullish Run for DOGE
In addition to Martinez’s forecast, another crypto analyst known as Lucky is also bullish on Dogecoin. He believes the meme coin is showing signs of solid upward momentum. According to Lucky, technical indicators support the possibility of further gains. DOGE recently broke out of a descending wedge formation that had been forming since mid-April and bounced off key support levels. Fibonacci extension levels also point to potential price targets beyond $0.22.
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Increasing On-Chain Activity for Dogecoin
Alongside price predictions, Martinez has identified a notable increase in Dogecoin’s on-chain activity over the past six months. This increase in activity supports the possibility of a price surge for the meme coin. Data from the crypto analytics platform Santiment reveals that as of October 2, active addresses for DOGE reached 84,306. Additionally, Santiment’s data indicates that despite recent price drops, whale investors remain significantly engaged with Dogecoin. In fact, as of September 28, whale activity reached its highest level since May, with 1,203 whale transactions recorded. Meme coin.
Moreover, within just three days, 63,689 Dogecoin addresses conducted transfers, reaching levels not seen since April 2-4. This uptick in activity underscores the significant movement within the network, suggesting that whale investors may be positioning themselves for a potential rally.
As always, the views and predictions expressed by analysts are their own and do not constitute financial advice. The Bit Journal encourages all investors to conduct thorough research before making any investment decisions.
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The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
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