Dogecoin Price Prediction: Will DOGE Rally As Addresses With A Balance Surpass 5M
Dogecoin price prediction: Altcoins have over the last couple of months de-correlated from Bitcoin based on fundamental data from research firm Kaiko. While XRP and Binance (BNB) posted the largest drop in the correlation index, Dogecoin (DOGE) and Cardano (ADA) remained mostly correlated.
#Bitcoin has de-correlated with #Altcoins in the last 60 days!$XRP and #BNB have registered the largest drop in correlation.
While $DOGE and $ADA have remained mostly correlated.
Source: @KaikoData pic.twitter.com/NkFZgv2jSy
— CryptoBusy (@CryptoBusy) November 27, 2023
The largest meme coin although down 1.6% to $0.078 on Monday, is sustaining a 5% increase in the last seven days on top of the cumulative 14% in 30 days, market data by CoinGecko shows.
Meanwhile, trading volume has been shrinking across the board with a 35% drop recorded on the day to $458 million. The ongoing sell-off has seen DOGE trim 1.54% of the market cap in 24 hours to $11 billion.
Dogecoin Price Prediction: DOGE Slows Uptrend
The bullish thesis in Dogecoin price steadied from the support at $0.058, compelling investors to seek more exposure amid the promise of a return above the psychological resistance at $0.1.
Subsequent movements above all three MAs including the 50-day Exponential Moving Average (EMA) (red), the 100-day EMA (blue), and the 200-day EMA (purple) significantly improved confidence in the uptrend.
Dogecoin later validated the formation of a double-bottom pattern whose impact has played a vital role in the continuation of the uptrend to eight-month highs of $0.0876.
Due to a profit-booking wave across the crypto market, Dogecoin dropped to test support provided by the 50-day EMA at $0.07.
With investors looking at the long-term bullish outlook, Dogecoin bounced off support immediately, although resistance at $0.08 is currently the biggest blockade.
Trading above this level is crucial to Dogecoin price recovery, however, with the Moving Average Convergence Divergence (MACD) indicator donning a sell signal, another sweep through liquidy in lower support areas like $0.07 would be required before the next recovery attempt past $0.1.
A retest of the double-bottom pattern’s neckline resistance now support is often bullish. Therefore, traders are at liberty to keep their long positions intact as they aim at profiting above $0.1.
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Dogecoin Addresses With A Balance Hit 5M
According to data by IntoTheBlock, a blockchain analytics platform, “there are now more than 5 million Dogecoin addresses with a balance.” This number has grown steadily since August and confirms the increasing risk appetite among investors for the leading meme coin.
Coincidentally, Dogecoin’s user activity also spiked within the same period, with 168,000 active addresses transacting on the network on November 27. This was the highest level of engagement since March 2022.
This milestone coincides with a remarkable surge in Dogecoin's user activity. Notably, there were 168,000 active addresses yesterday, marking the highest engagement since March 2022.
🔗https://t.co/sVl5CEGSe2 pic.twitter.com/3eyOhGqkCd— IntoTheBlock (@intotheblock) November 27, 2023
Although Dogecoin price reveals weakness due to resistance at $0.08, solid fundamental factors like the higher investor risk appetite and user engagement hint at a stronger bullish future.
If support at $0.07 holds, Dogecoin could begin another rally bolstered by the momentum from investors buying the dip. A break above $0.1, while significant, would not mark the end of the uptrend, but may usher in a bullish dispensation.
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