Here’s Why Dogecoin (DOGE) May Be Preparing for a “Massive Bull Run”: Analyst

[BitTorrent]

Here’s Why dogecoin (DOGE) May Be Preparing for a “Massive Bull Run”: Analyst


TL;DR

• According to analyst Ali Martinez, the price of Dogecoin (DOGE) has fallen sharply, but historical models suggest that this decline may precede a significant bull run.
• The meme coin’s key metrics, including increases in active wallets, transaction volumes, and daily addresses, indicate continued interest and activity.

Is DOGE’s Latest Correction Part of the Ascension Path?


The largest meme coin in terms of market value Suffered painful losses in the past few weeks final collapse the entire crypto industry. Its price has fallen 15% and 33% in the last two weeks. on a monthly scaleIt is currently trading around $0.128 (according to CoinGecko data).

However popular analyst Ali Martinez remains unaffected by negative trends, to suggest HE DOGE’s pullback may be “part of its usual behavior before major bull runs.”

emphasized Over the past years, the price of the meme coin has been seen falling several times before rising exponentially. The first case was in 2017 when DOGE retreated 40% before exploding almost 1000%.

This situation was repeated in 2021; The asset’s valuation dropped 56%, but then rose a whopping 12,000% to an all-time high of almost $0.70.

“Now, in 2024, DOGE yet It broke from the descending triangle again! “It is currently going through a 47% price correction, very similar to previous cycles, and this could spark the next DOGE bull run,” Ali Martinez said.

analyst last month argument meme money has entered a consolidation phase previously It follows a “descending triangle”. He believes its value could reach the $1 milestone if it mimics its historical performance.

These DOGE Metrics Are Heading North


Even though the price has dropped late hoursSome indicators regarding the Dogecoin ecosystem have increased significantly. Like CryptoPotato reported, Non-empty DOGE wallets increased by 13.8% in the last three months.

aggregates daily volume with each transaction greater than $100,000 has reached Approximately $1.5 billion, representing a 12% increase compared to the figure observed on May 1.

load but at leastDaily active addresses exceeded the 66,000 mark, an increase of 20% (according to IntoTheBlock data).

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