Dogecoin's On-Chain Data, Chart Patterns Flash Bullish Signals: This Top Analyst Thinks It's A 'Buy'

Dogecoin DOGE/USD is showing signs of life with positive on-chain metrics and bullish chart patterns, reflecting a potential upcoming rally for the meme coin.

What Happened: Crypto analyst Ali Martinez tweeted a ‘buy’ signal for Dogecoin:

Buy signal: #Dogecoin pic.twitter.com/o8boPPXpov

— Ali (@ali_charts) October 14, 2024

Another trader compared DOGE's current performance to the last cycle, stating that it began with four consecutive green weeks followed by two red weeks. He remarks that the the bull run started 175 days after the halving, whereas currently it seems to have started at 140 days. He predicts the chances of seeing more red from here on are getting slimmer.

DOGE is up 1.1% to $0.113 over the past 24 hours.

Also Read: What’s Going On With Dogecoin, Shiba Inu Today?

Why It Matters: IntoTheBlock data shows large transaction volume decreasing by 55.9% and daily active addresses rising by 4.3%. Shiba Inu's concentration by large holders remains at 73%, implying high interest in the meme coin as a long term investment.

Altcoin Buzz, a provider of crypto news, highlighted a spike in Dogecoin's short-term trading and active addresses for the meme coin. It added that these bullish signs have historically led to major rallies.

It concluded, "Could we see DOGE take off soon?"

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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• Dogecoin, Shiba Inu, Dogwifhat Struggle But ‘Established Meme Coins Will Pull A Super Aggressive Monster Rally,’ Trader Vows

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