According to the information from Blockchair, Dogecoin (DOGE) has achieved a significant achievement by surpassing 5 million wallets. As of the current moment, DOGE boasts a total of 5.04 million wallet addresses. Considering the prevailing regulatory scrutiny surrounding the cryptocurrency industry, it is quite remarkable to witness DOGE’s sustained growth.
While some individuals may perceive the surge of Dogecoin as amusing, its ascent actually signifies the ongoing popularity of accessible and user-friendly digital currencies that cater to a broad user base. However, despite the growth in the number of wallets, Dogecoin (DOGE) has not escaped the market’s decline.
Over the past 24 hours, DOGE has experienced a 2.1% decrease, and in the previous week, it has declined by 5.5%. Nevertheless, historical data suggests that DOGE has the potential to rally by 30% in the near future. Let us delve into the details.
Analyzing Dogecoin’s Potential: Is a Rally on the Horizon?
In the last half-year, the price of DOGE has experienced fluctuations within a defined range, witnessing periodic spikes as volatility increased. This pattern of accumulation indicates that DOGE could be approaching the completion of its current rebound cycle.
The macro-support level of $0.065 has been tested thrice in 2023 and six times in the preceding eight months. On each occasion that Dogecoin’s price has approached this region of buyer congestion since November, DOGE has exhibited a minimum upward movement of 30%. If history were to repeat, a 30% surge would potentially propel DOGE to approximately $0.0880.
Based on PricePredictions’ machine learning algorithm, Dogecoin (DOGE) is projected to experience a continued decline throughout the month. The platform’s forecast suggests that by June 30, DOGE could potentially reach $0.063992. Presently, DOGE is encountering resistance at approximately $0.70002, while finding support at $0.06664.
As of the latest update, DOGE is trading at $0.06757, reflecting a decrease of 0.2% in the past hour. Additionally, compared to its all-time high of $0.731578 achieved in May 2021, the original meme coin has dropped significantly by 90.75%.