Brief Take
- Crypto analyst predicts that DOGE could surge anytime soon as Stock RSI eyes a bullish crossover.
- The Dogecoin network sees rapid growth, as the number of new addresses more than doubled from 16,400 to 34,600 in the past month.
On-chain crypto analyst Ali Martinez has predicted that Dogecoin’s price could be nearing a rebound as Stock RSI nears a potential bullish crossover.
Meanwhile, the Dogecoin network has witnessed swift multiplication, as the number of new addresses more than doubled over the past months. The ecosystem’s growth, coupled with a reasonably bullish DOGE over the past few days, could lay the foundation for a significant surge.
DOGE eyes another major rebound?
DOGE recently recorded two consecutive gains, rebounding 22% from a low of $0.1427 on Tuesday to a high of $0.1742. The rebound reechoes a wider market resurgence that followed Trump’s rumored decision on tariff wars between the US and Canada.
According to Martinez, Dogecoin currently holds a significant support level that could determine its next direction. “If this support holds, we might see a rebound toward the mid or upper boundary of the channel,” Martinez observed.
Meanwhile, Martinez also linked the prospective future of Dogecoin’s price to the stock RSI’s recent performance. During two previous incidents when the Stock RSI made a bullish crossover, in October 2023 and February 2024, DOGE’s price surged by 88% and 187%, respectively. Martinez observed that the Stock RSI is again nearing a bullish crossover, which could mean the meme coin may be nearing a big rally.
“DOGE could be gearing up for a major rebound as the Stock RSI nears a bullish crossover. Momentum is shifting,” Martinez wrote.
The analyst further explained that the Dogecoin network has been growing over the last month. The total number of new DOGE addresses has reportedly doubled over the past month, surging from 16,400 to 34,600.
In the same month, the active addresses grew by 47%, from 110,000 to 163,000.
Such an increase casts no doubt around the growing interest and adoption of the Dogecoin network. Consequently, there’s little surprise that DOGE has maintained its prominence in the cryptocurrency industry over the years.