Benzinga - A cryptocurrency analyst has forecasted potential market movements for meme-based cryptocurrency Dogecoin (CRYPTO: DOGE), citing on-chain data signaling an increase in new wallet addresses.
What Happened: Ali Martinez on Saturday shared his observation that there is an expansion in the network of Dogecoin. He said, “There's a steady rise in the creation of new DOGE addresses, consistently reaching new highs.”
#Dogecoin is experiencing a notable network expansion! There's a steady rise in the creation of new $DOGE addresses, consistently reaching new highs.This increase in network activity is a promising sign for #DOGE as it lays the groundwork for a potential upward price action. pic.twitter.com/WcWxRY6ZGU
— Ali (@ali_charts) December 23, 2023
Martinez articulated the progress on his social media: “Dogecoin is experiencing a notable network expansion! […] This increase in network activity is a promising sign for DOGE as it lays the groundwork for a potential upward price action.”
At the time of writing, Dogecoin was trading at $0.093.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Martinez also gave his prediction on self-proclaimed ‘Dogecoin killer' Shiba Inu (CRYPTO: SHIB). He said, citing on-chain data, “Since November, there's been a massive withdrawal of over 8 trillion SHIB from known crypto exchange wallets – that's valued at approximately $88 million!”
#ShibaInu | Since November, there's been a massive withdrawal of over 8 trillion $SHIB from known #crypto exchange wallets – that's valued at approximately $88 million! pic.twitter.com/RLFA8N0dLI— Ali (@ali_charts) December 24, 2023
For Bitcoin (CRYPTO: BTC), the analyst has offered an indicator for those speculating a price correction: “Are you anticipating a #Bitcoin price correction? The first indicator would be a sustained close below $43,200.”
Should this specific level not hold, Bitcoin might see a depreciation towards $37,000, as per Martinez. However, he notes that if it maintains above the pivotal support level of $43,200, the momentum could favor those investing in Bitcoin, potentially propelling its value to $47,360.
Are you anticipating a #Bitcoin price correction? The first indicator would be a sustained close below $43,200. If this happens, $BTC could be headed towards $37,000.However, as long as the crucial $43,200 support level holds, the odds seem to favor the bulls, potentially… pic.twitter.com/ed6Ok4lMjE
— Ali (@ali_charts) December 23, 2023
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
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