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Dogecoin has witnessed a massive spike in its active addresses, providing a bullish outlook for the foremost meme coin. Based on this development, the DOGE price could also witness a bullish reversal soon enough as it reclaims key support levels. 

Dogecoin Records 47% Spike In Active Addresses

In an X post, crypto analyst Ali Martinez stated that Dogecoin’s network activity is picking up. This came as he revealed that active addresses have jumped 47% in the past month, rising from 110,000 to 163,000. This development is bullish as it indicates more users are using the network. 

This could help spark a significant rally in the Dogecoin price, as a surge in active addresses indicates that DOGE’s utility is on the rise. Another onchain metric which paints a bullish picture for the meme coin and hints at a reversal is the increase in new addresses. In another X post, Martinez revealed that Dogecoin’s new addresses have doubled in the past month, climbing from 16,400 to 34,600. 

The crypto analyst suggested that the Dogecoin price might rebound soon. He revealed that DOGE is printing a bullish reversal doji on the weekly chart. His accompanying chart showed that the foremost meme coin could reclaim the psychological $0.2 support level and rebound to as high as $0.28. 

In another post, Martinez stated that the Dogecoin price remains at a key support level within an ascending channel. He remarked that if this support holds, a rebound towards the mid or upper boundary could be in play. His accompanying chart showed that the mid boundary puts DOGE at $3 while the upper boundary puts the meme coin at just above $18. 

DOGE May Have Already Reached The Bottom

In an X post, crypto analyst Trader Tardigrade suggested that the Dogecoin price may have already reached the bottom. He noted that DOGE has been following a particular macro channel since its inception, and historically, deviations have occurred at the channel’s edges. However, he added that if the foremost meme coin remains within the channel without deviation this time, then it has already reached the bottom. 

In another post, Trader Tardigrade stated that he believes the Dogecoin price will outperform most altcoins in the coming months, further providing a bullish outlook for the meme coin. In the meantime, DOGE needs to break above $0.17 to reverse its current downtrend. 

The analyst revealed that a resistance trendline is sitting above the meme coin on the 4-hour chart. He added that Dogecoin must break this trendline, which is currently at $0.17, to witness a bullish reversal. 

At the time of writing, the Dogecoin price is trading at around $0.168, up in the last 24 hours, according to data from CoinMarketCap.

Featured image from Unsplash, chart from Tradingview.com

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Crypto analyst Ali Martinez has provided a bullish outlook for the XRP price, predicting that it could still rally to as high as $15 in this market cycle. The analyst also revealed why XRP could record such a parabolic rally to this price target.

Why The XRP Price Can Reach $15

In an X post, Martinez stated that the XRP price can still reach $15. He noted that since January 2018, XRP has appeared to be forming a symmetrical triangle pattern, indicating a potential bullish continuation where every lower high the crypto has made creates a descending trendline at the top.

Meanwhile, every higher low created a rising trendline at the bottom. Now that XRP has broken out of the triangle, the analyst remarked that there is a chance that the crypto could keep rising to reach the $15 target.

This prediction comes just as crypto analyst Egrag Crypto predicted that the XRP price could rally to $10 in this market cycle. The analyst outlined bullish fundamentals such as the XRP ETFs, regulatory clarity, and growing adoption as the reasons why this price prediction is “reasonable.”

In a recent X post, Martinez highlighted XRP’s growing adoption, which undoubtedly presents a bullish outlook for the crypto. He revealed that the total number of XRP addresses just hit a new all-time high (ATH) of 6.87 million.

Crypto analyst Mikybull Crypto also recently provided a bullish outlook for XRP. In an X post, he indicated that a massive run to a cycle top after the current consolidation could be imminent, just as it did in 2017. The analyst added that a rally to between $5 and $10 seems possible in this cycle.

Update On the Current Price Action

In an X post, crypto analyst CasiTrades noted that the XRP price just broke above $2.25, a key midline resistance, and is showing strong momentum as it heads towards the next major resistance at $2.37. She added that this level is critical because it marks the upper trendline of consolidation. According to her, a confirmed breakout above this level could signal the start of a larger move.

As to what could happen next, CasiTrades stated that she is watching out for a few possibilities. If XRP blasts through $2.37 with strength, she claimed that the crypto could rally toward $2.70 before a sharp rejection testing support.

The analyst also remarked that a slower approach would be reaching $2.37, flipping this into support first and then making a stronger push higher. If XRP fails to hold above $2.37, it could face a temporary rejection and remain in consolidation longer.

As a CoinGape market analysis noted, the XRP price is holding well above the $2 support as Ripple enters the Dubai market, which is a huge positive.

Meanwhile, CasiTrades stated that the macro trend remains fully valid and that this entire structure continues to look like the early stages of Wave 3 up. This impulsive wave could take XRP past previous all-time highs and toward the $8 to $13 range. In the meantime, the key levels to watch are the $2.25 support, $2.37 resistance, and the $2.70 major breakout level target.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.