The cryptocurrency market has been hit hard by sharp sell-offs amid the conflict between Iran and Israel. However, analysts are quite hopeful for some tokens going forward. An experienced crypto analyst talks about a significant rally for the original meme coin.
A rally prediction for the original meme coin: 180%
Amidst the selling wave in the market, experienced analyst Ali Martinez draws attention to some metrics for Dogecoin. The potential rally comes at a time when DOGE is trading in line with the overall market. Meanwhile, Dogecoin has seen a significant increase in on-chain activity such as the number of new addresses. Regarding growth potential, the meme coin weekly chart shows that the Moving Average Convergence Divergence (MACD) indicator is pointing to a potential bullish crossover. If it happens, a 180% rally is possible, according to Ali Martinez.
This pattern has historically strongly predicted major upward price movements for DOGE. In one example, Martinez notes that Dogecoin is up 90%. He also notes that on another occasion the price skyrocketed by 180%. These breakouts were triggered by the same MACD pattern that now appears to be forming again. Additionally, the meme coin remains in the $0.10 range. Therefore, a 180% rise for Dogecoin means it is trading at $0.29.
Other analysts also predict an uptrend for DOGE!
In line with the bullish outlook for Dogecoin, a crypto analyst with the pseudonym Lucky also says that the meme coin price is witnessing a solid upward move. He also acknowledges that technical indicators point to a possible continuation. After breaking out of a descending wedge that has been forming since mid-April, DOGE has bounced back from key support levels. Fibonacci extension levels also point to potential price targets at $0.22 and beyond.
dogecoin on-chain recorded an increase in activity
Meanwhile, Ali Martinez found that Dogecoin has seen an increase in active addresses over the past six months. This increase in on-chain activities also supports the possibility of the meme coin price rising. According to data from crypto analysis platform Santiment, this figure reached 84,306 as of October 2. In the same vein, another data set shared by Santiment shows that despite DOGE falling recently, whale investors remain largely interested in the token. Notably, there were 1,203 whale transactions through the September 28 peak, the highest level of whale activity since May.
In addition, 63,689 DOGE addresses transferred coins in just three days. Thus, it reached the highest level since April 2-4. Moreover, this increase underlined the significant activity in the network. Therefore, continued on-chain activity suggests that meme coin whales may be positioned for further upside.
The opinions and predictions in the article belong to the analysts and are definitely not investment advice. cryptokoin.com We strongly recommend that you do your own research before investing.
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