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Will Dogecoin Price Begin Rally to $2.74 After 270% Surge In Active Addresses?

Analysts believe that maintaining Dogecoin price above the $0.16 level could spark a rebound, potentially driving DOGE to $2.74 or beyond.
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Will Dogecoin Price Begin Rally to $2.74 After 270% Surge In Active Addresses?

Highlights

  • Active addresses on the Dogecoin network surged by 270% in the past 24 hours, reaching 264,000.
  • Additionally, whales accumulated 1.7 billion DOGE within 72 hours, suggesting a swift Dogecoin price rebound ahead.
  • Analyst "TheGift94" identified demand zones for DOGE at $0.16 and $0.13.

Dogecoin price has seen a sharp 9% drop today amid the broader crypto market correction moving to its crucial support levels of $0.16. Market analysts expect a strong rebound from here amid on-chain indicators which show a 270% surge in DOGE active addresses over the last 24 hours. Additionally, Dogecoin whales have also turned active in buying the dips over the last three days.

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Dogecoin Price Rebound Ahead?

Crypto analyst Ali Martinez has highlighted a critical support level for DOGE as it approaches the lower boundary of its current price channel. According to Martinez, maintaining a position above $0.16 is essential for the cryptocurrency to sustain momentum and potentially fuel a strong rebound.

Source: Ali Martinez

As of press time, the Dogecoin price is trading 9.29% down at $0.1726 with its daily trading volume surging 115% to more than $2.01 billion. Also, the open interest has tanked 12.91% to $1.45 billion while the 24-hour liquidations have shot to $21 million, per the Coinglass data.

Previously, analyst Ali Martinez stated that if bulls manage to hold above the DOGE support levels of $0.16, it can trigger a rally toward $2.74 or even as high as $6.24.

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DOGE Active Addresses and Whale Activity

Despite the Dogecoin price heading lower amid broader crypto market correction, market analysts are bullish amid strong on-chain developments. In a significant development for DOGE, the number of active addresses on the network has skyrocketed by 270% in just 24 hours, increasing from 71,750 to 264,000.

Source: Ali Charts

On the other hand, the largest whales on the Dogecoin network have reportedly accumulated 1.7 billion DOGE over the past 72 hours. This massive accumulation suggests that major players could be positioned for the next big move, underscoring growing activity and interest in the meme coin. Additionally, the Dogecoin wallet addresses have reached an all-time high, hinting further momentum ahead.

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Key Demand Zones for DOGE

Pseudonymous analyst “TheGift94” has outlined potential demand zones where DOGE might stabilize amidst intense selling pressure. In a recent TradingView analysis, the analyst identified three “buying demand zones” critical to the meme coin’s price movement. The first support zone, at $0.20, was breached as Dogecoin’s price fell by 13% yesterday, closing at $0.1678.

The analyst further highlighted two additional zones that could act as support levels: $0.16 and $0.13. These levels are now being closely monitored as potential turning points for the meme coin.

Source: TheGift94
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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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