Dogecoin Welcomes 890,000 New Wallets in a Week, Here’s Why Analyst Predicts 25% Surge By Week’s End

Dogecoin continues to develop within a triangle consolidation pattern just above its critical 200-day moving average support. However, multiple technical factors point to gathering upside energy ahead of a major bullish breakout, according to Coinpedia.

On-Chain Data Signals Imminent Price Surge

Despite a slowing crypto market, on-chain data reveals parabolic growth in new Dogecoin addresses and active users. Last week alone, over 890,000 new DOGE wallets were created, reflecting soaring engagement. Rising adoption mirrors previous price rallies and likely foreshadows another momentum surge.

Still, short-term uncertainties have kept DOGE rangebound under descending resistance around $0.085 as it continues tightening within its triangle formation using the 200D MA as a floor.

Indicators Suggest Breakout Conviction Building

Nonetheless, improving momentum indicators hint at gathering bullish energy. The tight Bollinger Band squeeze indicates heightened volatility risk ahead. And positive RSI divergence signals shaken out weak hands are exhausted.

With investors re-accumulating DOGE amid growing network effects, Dogecoin seems primed to attempt breaking its stubborn descending triangle resistance.

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Upside Targets in Focus

Specifically, a daily close above $0.085 and then $0.10 would confirm the next bull wave is underway and could enable DOGE to surge as much as 26% from current levels. Coinpedia expects this surge to happen by the end of the week.

Broader crypto retracement risks remain the largest threat for an exhausted rally, so caution warrants. However, analysts are paying close attention to the growing evidence that Dogecoin is about to break out thanks to a dramatic increase in user adoption and usage at the grassroots level.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!