'Promising Sign For DOGE:' Analyst Says Steady Increase In Dogecoin Addresses Could Set Stage For Rally

A cryptocurrency analyst has forecasted potential market movements for meme-based cryptocurrency Dogecoin DOGE/USD, citing on-chain data signaling an increase in new wallet addresses.

What Happened:  Ali Martinez on Saturday shared his observation that there is an expansion in the network of Dogecoin. He said, “There's a steady rise in the creation of new DOGE addresses, consistently reaching new highs.” 

Martinez articulated the progress on his social media: “Dogecoin is experiencing a notable network expansion! […] This increase in network activity is a promising sign for DOGE as it lays the groundwork for a potential upward price action.”

At the time of writing, Dogecoin was trading at $0.093.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Martinez also gave his prediction on self-proclaimed ‘Dogecoin killer' Shiba Inu SHIB/USD. He said, citing on-chain data, “Since November, there's been a massive withdrawal of over 8 trillion SHIB from known crypto exchange wallets – that's valued at approximately $88 million!”

For Bitcoin BTC/USD, the analyst has offered an indicator for those speculating a price correction: “Are you anticipating a #Bitcoin price correction? The first indicator would be a sustained close below $43,200.”

Should this specific level not hold, Bitcoin might see a depreciation towards $37,000, as per Martinez. However, he notes that if it maintains above the pivotal support level of $43,200, the momentum could favor those investing in Bitcoin, potentially propelling its value to $47,360.

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Analyst ColorCryptocurrencyNewsMarketsAli MartinezBitcoindogecoinShiba Inu
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!