Dogecoin Price Prediction: Amid the current uncertainty in the crypto market, the largest meme cryptocurrency Dogecoin witnessed a sharp correction from the $0.106. In the last two weeks, the coin price has plunged 14% to reach the current trading price of $0.091. However, this retracement came after a seven-month rally, indicating the buyers are more likely to take a breather before the next leap. Should you buy this dip?
Also Read: Dogecoin Price Rallies Despite Whales Moving 657 Mln DOGE to Coinbase & Robinhood
Flag Pattern Sets a Directional Rally Beyond $0.12
- The Flag pattern breakout would signal the end of the correction trend.
- A potential upswing would face significant supply pressure at $0.105, followed by $0.131.
- The 24-hour trading volume in Dogecoin is $523 Million, indicating a 6% gain.
Dogecoin Price Prediction| Tradingview
Amid the current correction phase, the Dogecoin price behavior has been confined between two parallel walking trendlines, indicating the formation of a flag pattern. This chart pattern indicates the current correction phase is temporary and is meant to stabilize price behavior before the next leap.
Moreover, the coin price wavering above the 38.25% Fibonacci retracement tool indicates the current correction is healthy and buyers’ strength is intact. Thus, the traders bullish on Dogecoin must wait for a breakout from the flag upper trendline.
The post-breakout rally would surge the assets value 12% to rechallenge the last swing high of $1.05, followed by an extended rally to $0.14.
Dogecoin Shows a Record-Breaking Increase in Address Activity
Source- Dogecoin Addresses Stats| Intotheblock
The “Addresses Stats” are a key barometer for gauging the foundational expansion in the cryptocurrency sector, shedding light on the levels of user participation and broader acceptance. Recent insights from IntoTheBlock, a distinguished analytics firm, revealed a notable uptick in Dogecoin’s network dynamics within a brief span.
Over the Course of Three Weeks:
- The count of active Dogecoin addresses surged from a modest 60.47K to a recent high of 76.22K.
- The emergence of new addresses saw a remarkable climb, escalating from 18.99K to an impressive 201.82K.
- Addresses with zero balance experienced a rise from 22.26K to 139.7K.
Moreover, this surge in both highly active and new addresses has reached levels not seen since 2014, demonstrating a profound surge in interest and participation within the Dogecoin ecosystem.
- Average Directional Index: The ADX slope at 35% suggests that the buying momentum might be nearing exhaustion, indicating the possibility of a minor pullback.
- Relative Strength Index: The daily RSI slope at 50% indicates the short-term trend in neutral.
