Dogecoin (DOGE) Network Sees 72% Spike in New Addresses, Prompted Traders to Predict an Upcoming Bull Run

Crypto trader Lucky stated that Dogecoin has seen a "decent run" in recent times which is expected to continue. He said, "In my opinion dips are for buying and DOGE will have a spectacular season this cycle."

Cryptocurrency Dogecoin (CRYPTO: DOGE) saw a spike in new addresses, prompting traders to predict an upcoming bull run for the meme coin.

DOGE/USD price action on Wednesday at the time of writing was up 0.04% in the past 24 hours to $0.061. DOGE/USD had a trading volume of $114.34 million.

What Happened: Crypto trader Lucky stated that Dogecoin has seen a “decent run” in recent times which is expected to continue.

“In my opinion dips are for buying and DOGE will have a spectacular season this cycle,” the trader noted.

Benzinga's technical analysis shows Dogecoin's Relative Strength Index (RSI) at 63.8, implying the meme coin is in an uptrend.

After a single-day drop of 7%, crypto trader Kevin stated that Dogecoin is currently back testing the macro falling wedge it broke out of a week ago.

“I personally see this as a bullish back test. If DOGE loses this area then big trouble awaits. We need to hold this zone for this 6-month pattern to not fail.”

See More: Best Cryptocurrency Scanners

After rising 19% in September, Dogecoin is now down by 88% from its all-time high of $0.73 attained in May 2021.

Relative to Bitcoin (CRYPTO: BTC) over the past 24 hours, DOGE was down 0.02% to 0.000004 BTC. Against Ethereum (CRYPTO: ETH), DOGE was down by 0.03% to 0.00001 ETH.

Chart: Benzinga Pro

The above is the detailed content of Dogecoin (DOGE) Network Sees 72% Spike in New Addresses, Prompted Traders to Predict an Upcoming Bull Run. For more information, please follow other related articles on the PHP Chinese website!