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Dogecoin (DOGE) Shows Signs of Recovery as Active Addresses Spike by 47%
In a recent update, Trader Tardigrade has suggested that the Dogecoin price may have already reached its bottom. He notes that DOGE is following a particular macro channel since its inception and historically deviates at the edges of the channel. However, if it remains within the channel without deviation this time, it would suggest that the price has indeed hit rock bottom.
Meanwhile, another development in the Dogecoin ecosystem could be hinting at a potential recovery. According to recent data, there has been a 47% increase in active addresses interacting with the DOGE network. This surge in activity suggests that users are still interested and engaged with the meme coin.
While this metric alone may not guarantee a price rally, it does provide some context about the community’s sentiment towards Dogecoin. The fact that active addresses have increased by nearly 50% could be an early indication of an impending reversal.
As it stands now, Trader Tardigrade believes that DOGE will outperform most altcoins in the coming months. However, for this to happen, the coin needs to break above $0.17 and reverse its current downtrend.
Source: https://bitcoinist.com/dogecoin-active-addresses-spike/
