Highlights
- Analyst Ali Martinez highlights Dogecoin’s ascending price range, suggesting a long-term upward trajectory if it stabilizes above $0.16 to $0.19.
- The total number of Dogecoin addresses has reached an all-time high of 83,483,452, indicating increased network engagement and adoption.
- Excitement around DOGE ETFs is growing, with Bitwise and Grayscale filing for approval with the SEC, potentially boosting demand.
Dogecoin price has been trading near the resistance level established in Q1 2024, showcasing a mixed price movement.
Despite recent market turbulence, the memecoin has made notable gains, surging 6.69% in the past 24 hours and pushing its value above $0.20.
This memecoin has also achieved significant network milestones, indicating a healthy growth rate within its ecosystem.
On X, renowned on-chain analyst highlighted these feats, stressing DOGE crypto’s progress and even some experts has expressed bullish sentiment regarding its price, too.
Also, the excitement surrounding ETFs provides a solid foundation for Dogecoin’s potential growth. In late 2024, asset manager Bitwise filed for a DOGE ETF with the SEC, and Grayscale soon followed suit with its own filing.
Moreover, DOGE crypto has continued to receive support from billionaire entrepreneur Elon Musk, who has been a vocal advocate for the cryptocurrency.
There are also discussions about integrating Dogecoin as a payment option on X, further enhancing its appeal and potential for growth.
Keep reading to know more.
Dogecoin Addresses Count Advances to New ATH
Amid recent price fluctuations, the number of DOGE crypto addresses has reached an all-time high. Per analyst Ali Martinez report, the total number of DOGE addresses has climbed to 83,483,452, indicating heightened network engagement.
This consistent rise in unique addresses suggests growing adoption, speculative interest, or accumulation by investors.
While there was a brief decline in DOGE crypto addresses between late January and early February, a steady rise began after February 7, leading to the current record level.
This milestone reflects the ongoing growth of the memecoin, which was launched in December 2013.
It indicates that more new users are creating wallets and likely holding DOGE crypto than ever before on the network.
Furthermore, a higher number of addresses can strengthen the network, which is a positive sign for the long-term viability of any crypto asset.
Additionally, on this feat, analysts notes that a surge in addresses could signal upcoming price movements.
As this could be potentially driven by increased trading activity or the behavior of long-term holders.
Analyst Says Dogecoin Price Following an Ascending Channel
As of this writing, Dogecoin price is trading at $0.20965, reflecting a 6.69% increase in the last 24 hours.
However, the weekly and monthly trends show declines of 2.89% and 20.21%, respectively, highlighting the market’s volatility.
Despite the current price level, analyst Ali Martinez believes that the Dogecoin price could experience a price spike.
He has pointed out the ascending price range of DOGE crypto, suggesting that the memecoin is on a long-term upward trajectory.
However, he stressed that DOGE crypto’s ability to maintain this upward momentum depends on its stabilization at certain levels.
Specifically, he identifies the critical support range of $0.16 to $0.19 as essential for the DOGE price journey toward $2.74.
According to Martinez, if Dogecoin price can stabilize above this price zone, it could steadily rise to $2.74 and even $6.24.
Shortly after this analysis, he expressed his bullish sentiment on X, indicating that the memecoin might be gearing up for a rebound soon. He noted that his preferred metric, the TD Sequential indicator, is signaling a buy opportunity.
Moreover, like Ali Martniez’s bullish sentiment, another analyst, Trader Tardigrade, has shared a bullish theory, as well. He shared regarding his views on Dogecoin price long-term structure on a one-month timeframe.
He said he has identified a pattern known as an Ascending Broadening Wedge, marked by three distinct wedge patterns on the chart with purple trendlines.
The first pattern, from 2014 to 2017, saw moderate price increases before a significant breakout in 2017.
The second wedge, spanning 2018 to 2021, preceded the major rally that pushed DOGE crypto price to around $0.80.
Following this historical framework, Tardigrade predicts that Dogecoin price may be on the verge of another price increase.
He is suggesting that the possibility is much higher that the current cycle from 2022 to 2025 could lead to similar bullish outcomes.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.