Will Dogecoin’s Reaching 5 Million Wallets Lead to a Rally?

According to Blockchair data, Dogecoin (DOGE) has achieved a significant milestone by surpassing 5 million wallet addresses. Currently, DOGE has a total of 5.04 million wallet addresses. This growth is noteworthy considering the increased regulatory scrutiny surrounding the cryptocurrency industry. Despite the regulatory challenges faced by the crypto industry, DOGE’s continued growth is surprising.

While some may find the surge of Dogecoin amusing, it actually reflects the ongoing popularity of accessible and user-friendly digital tokens that attract a broad user base.

However, despite the growth in the number of wallets, Dogecoin (DOGE) has not been immune to market downturns. Currently, DOGE has experienced a decline of 2.1% in the past 24 hours and 5.5% in the previous week. Nevertheless, historical data suggests that DOGE has the potential to rally by as much as 30% in the near future. Let’s delve into the details.

When Will Dogecoin Begin Its Remarkable Surge Again?

During the past six months, Dogecoin (DOGE) has exhibited a consistent price range, experiencing periodic surges in volatility. This pattern of accumulation indicates that DOGE might be nearing the end of its current upward cycle.

The significant support level of $0.065 has been tested three times in 2023 and six times in the preceding eight months. Each time DOGE approached this zone of buyer activity since November, it has been propelled upwards by at least 30%. If this trend continues, a 30% increase could potentially push DOGE to approximately $0.0880.

PricePredictions’ machine learning algorithm predicts a downward trajectory for DOGE throughout the month, with a projected value of $0.063992 on June 30.

DOGE is currently encountering resistance at approximately $0.07121, while it has support at $0.06364.

As of the time of writing, DOGE is being traded at $0.06804, experiencing a decrease of 0.31% in the last 24 hours. Additionally, the meme-based cryptocurrency has seen a significant decline of 90.78% from its highest recorded value of $0.731578, which was achieved in May 2021.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.