Popular crypto analyst Ali reported a massive surge in Dogecoin on-chain activity, with new addresses spiking 1,100% over the past week. As Ali stated on X (Twitter):
“The Dogecoin network is witnessing a remarkable surge in growth, with new addresses increasing by a staggering 1,100% over the past week! On January 29 alone, a record-breaking 247,240 new DOGE addresses were created, marking an all-time high.”
This huge influx of new users and activity on the Doge network points to growing interest and adoption for the memecoin. As Ali notes, “A sustained uptrend in network expansion could soon reflect positively on $DOGE prices.”
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Show more +Looking at the technical analysis:
- The RSI (Relative Strength Index) for DOGE is ranging between 50-55 across all timeframes. This indicates neutral momentum, with room for both bulls and bears to take control.
- DOGE is currently trading above the crucial 200-day EMA (Exponential Moving Average) at $0.07. This shows the long-term trend remains positive.
- DOGE is up 5% over the past week and has found support above the $0.08 level. This indicates healthy consolidation.
- The next major resistance zone for DOGE is expected at $0.09, where bulls will likely face selling pressure (see chart below). Breaking above $0.09 could set the stage for further gains.
The on-chain data and technicals both look constructive for Dogecoin. With the memecoin’s passionate community also expanding drastically, DOGE seems primed for its next leg higher. Investors should buckle up!
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