A crucial indicator points to a possible 180% surge in the Dogecoin price as whale activities persist despite the market downturn.
Dogecoin, like most other crypto assets, is experiencing a prominent price correction amidst market skepticism on the back of the crisis in the Middle East. For context, DOGE is down over 7% in the past 24 hours, trading at $0.106 at the time of writing.
The top memecoin is also down over 17% from its two-month high on September 28. Notably, Dogecoin shrugged off the $0.11 resistance, sponsored by the heightened whale activity on the network.
Surging On-chain Activities Persist Despite Correction
Meanwhile, whales have maintained an increased traction despite the recent market correction. Per Santiment, whales kept carrying out large transactions on the network, hitting levels seen in June. Notably, whales performed about 1,203 transactions worth $100,000 and above before the September 28 price peak.
Furthermore, Santiment revealed that active addresses on the Dogecoin network have reached a 6-month high. About 63,689 DOGE addresses moved DOGE tokens in the last three days, a level of on-chain presence the network last witnessed between April 2 and 4.
Notably, market expert Ali Martinez confirmed this spike in on-chain activity. The seasoned analyst noted that active addresses on the Dogecoin network have reached 84,306, indicating retail influx into the memecoin.
The increased on-chain activity on the Dogecoin network was also evident in the number of new addresses. Per an earlier report, the network witnessed the creation of about 19,930 new wallet addresses two days ago, as the dog-themed memecoin saw increased adoption.
Indicator Flashes Possible 180% Rally
Amidst the increased network activity, Martinez has drawn attention to an indicator on the DOGE weekly timeframe that could sponsor a 180% uptick in the token’s price. In a tweet today, Martinez noted that a bullish moving average convergence divergence (MACD) crossing may be forming on the DOGE chart.
The last two times #Dogecoin $DOGE had a MACD bullish crossover on the weekly chart, it rallied 90% and 180%, respectively.
A new MACD bullish crossover could be forming soon! pic.twitter.com/1YfefMe36i
— Ali (@ali_charts) October 2, 2024
The market expert cited a 90% and 180% rally in DOGE price the last time the MACD crossed over. Dogecoin rallied 90% in October 2023 when the MACD flipped bullish on the weekly timeframe. The token also surged 180% in February to the same signal.
Notably, a 90% rally will see DOGE trade at $0.2014, while a 180% surge will push the asset to $0.2968. Meanwhile, analyst Master Kenobi expects a 1,411% price uptick to $1.5 in December.
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