Dogecoin Flashing On-Chain Signal That’s Laying the Groundwork for Potential Upward Price Action, Says Analyst
A carefully adopted crypto analyst says that one on-chain metric is signaling that meme asset Dogecoin (DOGE) might quickly witness a burst to the upside.
Crypto analyst Ali Martinez tells his 37,300 followers on the social media platform X that the memecoin is experiencing a gentle rise in the variety of new addresses, contributing to its growth.
“Dogecoin is experiencing a notable network expansion! There’s a steady rise in the creation of new DOGE addresses, consistently reaching new highs. This increase in network activity is a promising sign for DOGE as it lays the groundwork for a potential upward price action.”
Dogecoin is buying and selling for $0.0921 at time of writing.
Transferring on to Shiba Inu (SHIB), one other dog-themed digital asset, Martinez says that the altcoin is seeing huge outflows from crypto trade platforms.
“Since November, there’s been a massive withdrawal of over 8 trillion SHIB from known crypto exchange wallets – that’s valued at approximately $88 million!”
At time of writing, SHIB is value $0.00001071.
Wrapping up his evaluation, Martinez brings up the good contract platform Fantom (FTM). In line with the strategist, the path appears clear for FTM to land close to $0.66 after surpassing the key resistance degree of $0.47.
“Fantom has triumphantly surpassed a key resistance at $0.47, where 1,430 addresses accumulated over 653 million FTM. With this resistance now acting as support and no major supply walls in sight, the path looks clear for FTM to march toward $0.66 or even higher.”
FTM is buying and selling for $0.525 at time of writing.
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