Listen up, you know how sometimes you think something’s down for the count, but then it comes swinging back?
That’s what’s happening with Dogecoin right now. After a brutal few months where its price plummeted by over 65%, many are saying it’s due for a rebound.
And let me tell you, there are some pretty compelling reasons why.
Because of reasons?
First off, the whales are back. You know, those big players who can move markets with a single trade?
It looks like they’ve been buying up Dogecoin again, which could reduce selling pressure and give the price a nice boost. It’s not as massive as before, but it’s a start.
And then there’s the TD Sequential metric, which is like a weather forecast for crypto, it says Dogecoin is ready to bounce.
The 3-Day TD Sequential is quite popular among the analysts, and it has flashed a buy signal, so that’s got a lot of people excited.
Network fundamentals
But what really gets my attention is the network activity. Dogecoin’s active addresses have skyrocketed to over 280,000, up from just 100,000 a few weeks ago.
That’s like a party invitation, when more people are using the network, the price tends to follow.
And let’s not forget those big wallets. There are now 62 more wallets holding at least a million Dogecoin since February. That’s a lot of faith in a memecoin.
Hopium?
Now, I know what you’re thinking: “Is this just another false hope?” Perhaps, perhaps.
But here’s the thing, after a crash like the one Dogecoin had, a rebound isn’t just possible, but it’s almost expected. And with these indicators lining up, it might just be the real deal.
So, if you’re feeling brave, you might want to keep an eye on DOGE. It could be about to make some noise.
But remember, crypto is indeed like a real rollercoaster, just when you think you know what’s coming next, it throws you for a loop. So, buckle up and keep your seatbelt fastened.
Have you read it yet? Cardano and Natural Gas futures are coming to Coinbase
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