Dogecoin Sees 32% Spike in Key Metric: Is a DOGE Price Surge Ahead?
Release: 2024/08/20 17:57 Reading: 657
Dogecoin Price Analysis
Dogecoin (DOGE) has recently experienced a surge in popularity, with interest reaching its highest point in a 30-day period. The meme coin has witnessed a 4.9% increase in the past 24 hours and a 0.54% gain in the past seven days, currently trading at $0.10.
Increased Activity and New Addresses
Data from IntoTheBlock indicates increased activity in DOGE's network. The number of active addresses involved in transactions has surged by 32% to 55,440 over the weekend, representing the highest count in a 30-day timeframe. Additionally, the number of new DOGE addresses created has increased by 11.41%.
Positive Flow on Exchanges
In the past seven days, DOGE has experienced a cumulative negative net flow of $14.5 million on exchanges, indicating that investors are transferring assets from exchanges to private wallets for long-term storage. This is a positive sign for DOGE's value proposition.
Stock-to-Flow Ratio
On August 18 and 19, DOGE's stock-to-flow ratio jumped to an all-time high of 69.25, indicating increased scarcity of the cryptocurrency amid rising demand. This suggests the possibility of a positive price increase in the future.
Price Analysis
Crypto analyst Cryptorphic predicts that DOGE could potentially reach $1.00 based on technical indicators. The asset has broken out of a long-term accumulation channel since February 2021 and is currently trading above its 200-day Exponential Moving Average (EMA). However, the Relative Strength Index (RSI) is in the overbought zone, indicating potential for a correction.
If the market fails to transition to a bullish trend, DOGE could experience a 40% decline to $0.055 or $0.0628. On the other hand, Cryptorphic believes that a complete dominance by buyers could propel the price to $0.60, representing a fivefold increase from its current level.
Weekly Trend
Dogecoin is currently in a downtrend on the weekly timeframe. The price has broken below its key support level and is now acting as resistance. If the market sentiment does not improve, DOGE may decline towards its support trendline between $0.055 and $0.0628, resulting in a 38%-40% drop. A strong rebound is necessary to prevent this decline.
Key Levels:
- Resistance: $0.104-$0.118
- Support (Accumulation): $0.6243
- Long-term Target: 5x-10x
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