Dogecoin price prepares for a massive rally as on-chain activity increases. The number of daily active addresses on the meme coin witnessed a surge, 265% increase in May 2022.
Also read: Dogecoin: A tool of speculation or starter drug for crypto
The number of active addresses on the Dogecoin network is considered indicative of interest in DOGE in the crypto community. It is a key metric to determine DOGE’s relevance in the crypto ecosystem. Based on data from IntoTheBlock, active addresses have climbed 265% since May 2022.
Daily Active DOGE addresses
In the past week, the number of active addresses climbed nearly 25%. Analysts evaluated the Dogecoin trend and noted that transaction history shows that DOGE has built an important support at $0.068. This is a key level for Dogecoin as nearly 78,250 addresses purchased 44 billion DOGE.
Therefore $0.068 is a key psychological level for Dogecoin. Analysts argue that sustaining above this level ensures that DOGE rises to $0.080 soon. There is little to no resistance ahead for Dogecoin price on its path to $0.080.
$0.068 is a key psychological level for DOGE
@dkcrypto13, a leading crypto analyst believes Dogecoin price is likely to decline, and there is a long way to go down.
Analysts at FXStreet have a contrasting view. FXStreet analysts have evaluated the Dogecoin price and predicted that a compression could lead to a massive explosion. Indicators in the DOGE price chart signal a rally and the asset has revealed bullish potential.
Analysts have identified key price levels and indicators that predict a DOGE rally. For more information, check the video below: