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Dogecoin (DOGE) Price May Double After Breaking Through This Hurdle: Analyst

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Wed, 29/11/2023 - 11:00
Dogecoin (DOGE) Price May Double After Breaking Through This Hurdle: Analyst
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Cryptocurrency analyst and trader known on X social media platform as Ali (@ali_charts) has shared a Dogecoin chart and his professional opinion as to what the original meme cryptocurrency needs in order to reach a new major high at $0.14 per coin.

In the meantime, Dogecoin has reached a new milestone related to a major metric of its utility — transaction count — and a top DOGE developer has offered his vision of what is happening.

Dogecoin may double its price, analyst says

Ali stated that, currently, the original meme coin has faced a major barrier on the weekly chart as DOGE is stuck at $0.087. This crucial level on the chart is the spot where the 0.786 Fibonacci level and both the 100-week and 200-week EMAs have met and formed a hurdle for DOGE that is hard to get through.

Ali believes that once the popular meme cryptocurrency breaks beyond this barrier, it may have a chance to "nearly double its price" and target a high at the $0.14 level.

DOGE transaction count hits new high

Prominent Dogecoin developer and community influencer @mishaboar has taken to the X platform to share the news about a new high that the DOGE transfer count has just set — and not for the first time since the weekend.

On Friday, the overall DOGE transaction count surged roughly above the one million level, and it surpassed both the Bitcoin and Ethereum chains on this metric. Now, Mishaboar has reported that this crucial metric has reached a major new high of almost 1.5 million transactions within the span of the past 24 hours.

The developer, however, believes that the greatest part of this huge traffic was due to very small transfers; a lot of users are taking advantage of the Dogecoin network as it generously offers low fees and dust limits.

Mishaboar reminded the community of Dogecoin users that the network is functioning perfectly, without any congestion, and users can add extra fees for faster transactions. These fees will still be low compared to the ones on the Bitcoin and Ethereum chains.

The only negative thing about this massive transaction surge is that the blockchain increases over a short period of time and this, in return, forces operators to put more resources into their nodes. This may be expensive to those operators who run their nodes with respectable host providers.

As for the first transaction surge for DOGE, Ali believes that this was caused by the growing interest of whales and financial institutions in Dogecoin. DOGE cofounder Billy Markus tweeted that the inflow of traffic was caused by people transferring Dogecoin Ordinals (Dogedinals) and DRC-20-based coins at low fees.

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DOGE surpasses BTC and ADA by important metric

Earlier this week, U.Today reported that the amount of new Dogecoin wallets had started to increase, while the same metric for Bitcoin started to flatten, and it has been dropping for ADA wallets.

This data was shared by prominent on-chain data aggregator Santiment. In particular, the staggering 51.9 million Bitcoin wallets have seen merely 0.25% growth in the past four days, according to the Santiment report.

The number of 4.46 ADA wallets has decreased by 0.59% within the last 10 days. Only the number of Dogecoin wallets has grown from 5.39 million by 2.52% in the last few days.

Over the past 24 hours, the original meme coin, DOGE, has staged 5.41% growth, reaching the $0.0811 level.

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