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- Dogecoin’s (DOGE) active addresses have doubled from 16,400 to 34,600 as an analyst predicts an explosive surge to $3.
- Another analyst has predicted that DOGE could easily “cruise” to $0.6 by April 6 once it surges to $0.2 before the approval of the spot DOGE ETF.
Dogecoin (DOGE) stages a marginal rebound from $1.6 to $1.7 after surging by 2.8% in the last 24 hours. According to our market data, the asset is attempting to breach its 30-day high of $0.28 and make a subsequent move towards its yearly high of $0.48. From this level, DOGE could attempt to breach the all-time-high price at $0.73 before targeting the predicted zone at $3.
Amidst the backdrop of these expectations, investors’ confidence appears to be rising as the Dogecoin network expands over the past months. In data shared by analyst Ali Martinez, the total number of new Doge addresses has doubled from 16,400 to 34,600. Meanwhile, the asset is reported to have maintained a crucial support level that could determine its next move.
As indicated in the chart below, Ali Martinez believes that a successful hold above the current price could see the asset hitting $0.5 and, subsequently, $3. Fascinatingly, its potential upsurge has been confirmed by the stock Relative Strength Index (RSI).
Analyzing historical data, we found that DOGE recorded an 88% and 187% surge in October 2023 and February 2024, respectively, after the stock RSI embarked on a bullish crossover. According to Ali Martinez, a similar movement is being recorded on the weekly chart.
If this support holds, we might see a rebound toward the mid or upper boundary of the channel.
Another Analyst Speaks on Dogecoin’s (DOGE) Price
Joining the DOGE discussion, another analyst identified as Tardigrade has noticed a recurring pattern in the asset’s price action. Basing his prediction on historical movements, this analyst also pointed out that DOGE mostly forms an initial low when the RSI enters the oversold territory. When the RSI reading remains in the oversold territory for some time, the asset records lower lows. According to him, DOGE could embark on an explosive surge if history repeats.
Responding to this bullish disclosure, whales are aggressively accumulating the asset, as 1.7 billion DOGE ($298 million) has been purchased in just 72 hours.
According to analyst Lumen, this is a bullish signal ahead of the potential approval of the DOGE Exchange Traded Fund (ETF). Meanwhile, the ruling on the altcoin ETFs has been postponed to decide on a proposed rule change, as mentioned in our previous news brief.
Per his observation, there is a high tendency for the asset to hit $0.5 once the price reaches $0.2 before the ETF approval. Fascinatingly, this aligns with our recent analysis which tips the DOGE to hit $0.6 by April 6.
Additionally, Lumen believes that Tesla’s Elon Musk could resume his usual bullish post on DOGE “to send the price to the moon.” In a recent update, we reported that Cardano’s boss, Charles Hoskinson, has proposed to Elon Musk to make DOGE the main currency of social media platform X.
