Dogecoin (DOGE), a leader in the memecoin space, is gaining wide attention amid booming network activity. Driven by strong investor sentiment, Dogecoin address activity has seen a massive spike, raising discussions about DOGE hitting $6.
DOGE Active Addresses Surge 400%
In an Xpost, on-chain analyst Ali Martinez pointed out that Dogecoin active addresses surged 400%, reaching nearly 395,000. This surge demonstrates the usefulness and engagement within the Dogecoin ecosystem despite wider market volatility.
Image Source: Ali Charts on X
Additionally, Martinez highlighted the Stochastic Relative Strength Index (RSI) crossover for the Dogecoin price. This technical indicator provides a more sensitive reading of market momentum and potential trend reversal. Based on historical trends, a bullish crossover in the Stochastic RSI on Dogecoin’s weekly chart could signal a potential sharp rally.
In previous instances, this crossover has led to outstanding price surges, with gains of 88%, 187%, and 444%. In the current market cycle, some traders and analysts aim for gains between 200% and 300%. Crypto analyst Marzell has highlighted a critical DOGE support level at $0.14750. The analyst claims this level is crucial for a bullish breakout scenario.
Marzell noted that DOGE exhibits positive signals of breaking out of its falling wedge formation. Just like other known DOGE proponents, the analyst predicts a strong rally, potentially pushing DOGE prices between $0.46 and $0.65 if the support holds firm.
A rise in user engagement could provide DOGE with the essential push needed to break through resistance levels and launch a bullish trend.
Meanwhile, rising expectations for a Dogecoin ETF are probably the main cause of the increasing number of Dogecoin addresses. As we disclosed earlier, NYSE Arca has submitted a 19b-4 filing to the U.S. Securities and Exchange Commission (SEC). The stock exchange seeks approval to list and trade the Bitwise Dogecoin Exchange-Traded Fund (ETF).
According to the SEC filing, the Bitwise Dogecoin ETF is designed to track the price of DOGE. The fund would allow investors to gain exposure without directly holding or managing the asset.
Can DOGE Hit $6?
The market has seen DOGE price trade at $0.1773, up 3.8% from the previous day. Following a recent price correction, DOGE has recovered from its weekly resistance of around $0.175.
As the bulls take charge, crypto analysts anticipate a Dogecoin price rally to $6. In his chart, Martinez displays Dogecoin’s price movement weekly from 2015 through early 2025.
The technical analysis reveals DOGE trading within a long-term logarithmic upward channel defined by parallel trend lines. The chart demonstrates that DOGE could hit the $6 level and beyond if it holds above the crucial supports. In our last update, we examined how Martinez predicted a moderate price of $3 for DOGE.
Recommended for you: