Expert Forecasts 60% Dogecoin Price Rally as Daily Active Addresses Hit 1-Month High

Dogecoin (DOGE) trades at $0.17 today, June 20, with a slight 1% gain and $665 million in daily trading volumes. A top analyst believes that despite the recent choppy moves, Dogecoin price may be on the verge of a 60% breakout move to either the upside or downside as it forms a symmetrical triangle pattern. The analyst’s forecast comes amid a 110% surge in Dogecoin’s daily active addresses.

Expert Forecasts 60% Dogecoin Price Rally

According to Martinez, Dogecoin price may record a 60% rally if it breaks out of a symmetrical triangle pattern. The analysis depicts the formation of a narrowing triangle pattern that is close to a breakout point, as the consolidation range narrows due to both buyer and seller hesitation.

Martinez opined that if Dogecoin were to break out from the upper trendline of this triangle, which lies at $0.22, it would record a 60% gain to $0.35. Getting to this price will mark the highest level for this leading meme coin since January.

However, it is important to note that a symmetrical triangle is not always bullish. Instead, the direction that the price takes after the breakout depends on whether it overcomes resistance or breaches support. If DOGE makes a downward breakout below the lower trendline support of $0.16, it may crash by 60% to $0.064.

4-Hour Chart Shows Weakening Bearish Momentum

The four-hour chart shows that the bearish momentum that has caused a 24% decline in Dogecoin price for the last month could be growing weak. The RSI has been making higher lows for the last two days, indicating that selling pressure is easing and buying pressure is coming back into the market. If it can cross above 50, it will indicate that the momentum is back to bullish.

At the same time, the AO histogram bars have flipped green, and they are also shrinking, a sign that bears could be losing their grip over the price of DOGE. Crossing above the zero line could kickstart a strong rally that could match analyst Martinez’s 60% surge.

Moreover, a recent CoinGape analysis identified a falling wedge pattern formation that suggests Dogecoin price may rebound. This further supports the thesis that a trend reversal could be imminent.

Dogecoin’s Daily Active Addresses Hit 1-Month High

Dogecoin traders may be positioning themselves for a major move following a spike in the number of daily active addresses. Per Santiment data, these addresses have increased by more than 110% in just two days, from around 66,000 to 140,000. On June 18, these addresses reached 165,740, marking the highest level in one month.

This increase usually signals a bullish Dogecoin price forecast as user interest towards DOGE rises, and this could be a bullish sign for the meme token’s price movements. This spike also points towards high user engagement and retail interest that could drive price gains.

In summary, Dogecoin price appears to be at a pivotal point as analysts point towards a potential 60% move as a symmetrical triangle breakout nears. On the lower timeframe, the bearish momentum around DOGE is weakening while the number of daily active addresses has reached the highest level in one month.