- dogecoinDespite the “bear” outlook in crypto markets, it has managed to record an increase in on-chain activity over the past few months.
- According to the data, the number of daily active DOGE addresses has increased by 265% from 14,470 to 38,430 since May 2022.
- Analysts are predicting a big boom in DOGE as the Dogecoin price is witnessing a squeeze.
Dogecoin priceLooks like it’s gearing up for a massive rally as on-chain activity rises. The number of daily active addresses of meme coin witnessed a 265% increase in May 2022.
Dogecoin Active Address Number Jumped
The number of active addresses on the Dogecoin network is considered an indicator of interest in DOGE in the crypto community. It is also considered an important metric for determining DOGE’s relevance in the crypto ecosystem. Active addresses have increased by 265% since May 2022, according to data from leading analytics firm IntoTheBlock.
Just past, the number of active addresses has increased by about 25%. Evaluating the price trend, analysts noted that the trading history of DOGE formed significant support at $0.068. This represents a significant level for Dogecoin as approximately 78,250 addresses bought 44 billion DOGE.
While $0.068 remains an important psychological level for Dogecoin. Analysts believe that staying above this level will be the key to DOGE’s rally to $0.080 soon. There is hardly any resistance on the way to $0.080 for DOGE price.
A leading crypto analyst @dkcrypto13 He claimed that the Dogecoin price will receive a rejection and has a long range to fall.
If I look at the prices of $TSLA, $GME, $ADA, $DOGE or $XRP I feel like we have long ways to go down.
When I look at $NFLX, $AMZN, $BTC, $LEFT or $ATOMI feel like we are in good value territory.
— DK (@dkcrypto13) July 28, 2022
FXStreet analysts, on the other hand, made the opposite comment, evaluating the price of Dogecoin and predicting that a squeeze could lead to a big bang. The indicators on the DOGE price chart are signaling a rally, revealing the asset’s bullish potential.
Do you think Dogecoin will be able to use its on-chain activity positively or will it continue to decline in price with another rejection? Your comments are valuable to us.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.