Dogecoin, the world’s largest meme coin, is currently experiencing a period of selling pressure. The price has dropped by 8% in the last 24 hours, now trading at $0.1085 according to data from coinmarketcap.
Consequently, its market capitalization has slipped below $16 billion. Despite this pullback, some market analysts believe a trend reversal could be imminent. According to on-chain metrics, Dogecoin may be on the verge of a major rally.
Notably, crypto market analyst Ali Martinez has pointed to a bullish trend that could push Dogecoin to new highs. Martinez noted that the Moving Average Convergence Divergence (MACD) indicator is signaling an upward move.
In the past, when Dogecoin had a MACD bullish crossover on the weekly chart, its price surged by 90% and 180%, respectively. If Dogecoin repeats this pattern, it could rise to 20 cents or even 30 cents in the coming weeks. Investors are closely monitoring this potential breakout, which could change the course of the meme coin’s current trajectory.
Nevertheless, Dogecoin’s recent price drop has not stopped significant whale activity. On-chain data shows whale transactions are still high, reaching levels not seen in the last four months. This continued activity suggests that large holders may not be finished with Dogecoin yet, despite taking profits during the recent peak.
In addition, Dogecoin has seen a rise in active addresses, with the number hitting 84,306. This increase, the largest in six months, indicates growing interest in the meme coin, which could drive further network activity.
Read CRYPTONEWSLAND onMoreover, Dogecoin’s ecosystem has also been expanding, with ongoing developments aimed at increasing adoption and utility. Projects such as LibDogecoin, GigaWallet, and RadioDoge are designed to enhance Dogecoin’s transaction capabilities and reach.
Hence, these initiatives aim to expand the network’s use in regions with limited connectivity. As these projects evolve, they could play a significant role in supporting the meme coin’s long-term growth and stability.
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