- Santiment reports increased Dogecoin utility, active addresses, and smart money activity.
- Analyst Marzell predicts a potential breakout with DOGE price targets between $0.46 and $0.65.
Dogecoin price trading in a bearish momentum for a prolonged time. Currently, it is trading below the 50-day and 200-day exponential moving averages indicating a bearish trend
The Dogecoin bearish trend is a concern for investors. However, some analysts and on-chain analytical platform Santiment highlighted some promising indicators that could trigger a bounce in DOGE price.
Santiment Indicates Potential for DOGE Rebound
Market intelligence platform Santiment describes in the latest X post that Dogecoin utility and smart money are rising. The surge in activity is signaling a potential turning point once the broader crypto market rebounds.
Santiment stated,
“Dogecoin, like most meme coins, have been hammered during the 2-month crypto-wide retrace. However, we recommend keeping an eye on the rising level of wallets holding at least 1M $DOGE, which has recovered during the price dump. Active addresses are also at 4-month highs.”
Recently, DOGE achieved over 150K active addresses per day which is the highest since mid-November. Moreover, since the beginning of February, the activity of wallets holding at least 1M $DOGE has increased. The above data describes the growing interest in Dogecoin amongst investors.
Moreover, recently a famous crypto influencer and analyst Marzell shared a bullish outlook for Dogecoin. He said that DOGE is signalling a potential breakout from a falling wedge pattern. If the current support holds, expect a strong rally towards $0.46 – $0.65. Marzell is bullish on Dogecoin and gave price targets of $0.46386, $0.55348 and $0.65421.
Despite experts being bullish on DOGE, it is still trading in a bearish momentum. According to CMC data, currently, it is trading at $0.16825 with an intraday decline of 3.46%. Additionally, DOGE technical oscillators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs.
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