Dogecoin bulls push DOGE higher as on-chain activity explodes

Dogecoin witnessed a spike in on-chain activity in the past few months despite the crypto bear market.
The number of daily active Dogecoin addresses has climbed 265% from 14,470 to 38,430 since May 2022.
Analysts have predicted a massive explosion in DOGE as it witnesses Dogecoin price compression.

Ekta Mourya FXStreet

Dogecoin price prepares for a massive rally as on-chain activity increases. The number of daily active addresses on the meme coin witnessed a surge, 265% increase in May 2022.

Also read: Dogecoin: A tool of speculation or starter drug for crypto

Dogecoin active addresses climb within two months

The number of active addresses on the Dogecoin network is considered indicative of interest in DOGE in the crypto community. It is a key metric to determine DOGE’s relevance in the crypto ecosystem. Based on data from IntoTheBlock, active addresses have climbed 265% since May 2022.

Daily Active DOGE addresses

In the past week, the number of active addresses climbed nearly 25%. Analysts evaluated the Dogecoin trend and noted that transaction history shows that DOGE has built an important support at $0.068. This is a key level for Dogecoin as nearly 78,250 addresses purchased 44 billion DOGE.

Therefore $0.068 is a key psychological level for Dogecoin. Analysts argue that sustaining above this level ensures that DOGE rises to $0.080 soon. There is little to no resistance ahead for Dogecoin price on its path to $0.080.

$0.068 is a key psychological level for DOGE

Analysts predict massive explosion in Dogecoin price

@dkcrypto13, a leading crypto analyst believes Dogecoin price is likely to decline, and there is a long way to go down.

If I look at the prices of $TSLA, $GME, $ADA, $DOGE or $XRP I feel like we have long ways to go down.

When I look at $NFLX, $AMZN, $BTC, $SOL or $ATOM, I feel like we are in good value territory.
— DK (@dkcrypto13) July 28, 2022

Analysts at FXStreet have a contrasting view. FXStreet analysts have evaluated the Dogecoin price and predicted that a compression could lead to a massive explosion. Indicators in the DOGE price chart signal a rally and the asset has revealed bullish potential.

Analysts have identified key price levels and indicators that predict a DOGE rally. For more information, check the video below:

Author

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.