Dogecoin price is showing upside momentum, gaining 5.38% after reversing the trajectory from a crucial support level and eyeing further rally to $3. Additionally, the DOGE network has been expanding very fast with new addresses doubling over the past month. This shows that the ecosystem is making a strong base for a big upside ahead.

Dogecoin Price Eyeing A Parabolic Rally to $3?

Crypto analyst Ali Martinez has highlighted Dogecoin’s critical positioning within a key price channel. According to Martinez, DOGE is currently holding at a significant support level that could determine its next move.

“If this support holds, we might see a rebound toward the mid or upper boundary of the channel,” Martinez noted, suggesting the possibility of a bullish recovery to $3 and beyond.

Also, based on the stock RSI, the Dogecoin price could go parabolic moving ahead. During two previous instances of October 2023 and February 2024, when the stock RSI made a bullish crossover, DOGE price surged by 88% and 187% respectively. On the weekly chart, the stock RSI is once again setting up a bullish crossover, said Martinez. Thus, there could be a big rally ahead in the making.

Dogecoin Network Sees Significant Growth in New Addresses

Furthermore, analyst Marinez explained that the Dogecoin network has been expanding over the past month. The total number of new DOGE addresses has doubled over the past month, surging from 16,400 to 34,600. This increase highlights growing interest and adoption of the Dogecoin network, reflecting its continued prominence in the cryptocurrency market.

A DOGE Bull Run Is In the Making

Crypto trader Tardigrade has identified a recurring pattern in Dogecoin price action, suggesting a potential bullish trend. According to the trader, DOGE typically forms an initial low as the Relative Strength Index (RSI) enters the oversold zone. This is followed by a second, lower low with the RSI maintaining a similar oversold reading. Tardigrade notes that if this historical pattern holds, Dogecoin could be on the verge of a significant DOGE bull run.

As of press time, the Dogecoin price is trading 5.7% up at $0.172 levels with the DOGE futures open interest surging more than 4% to $1.40 billion. and 24-hour liquidations soaring past $7.24 million. On the other hand, asset managers like Bitwise are pushing ahead for a Dogecoin ETF, which could trigger major activity for the meme coin.

The post Dogecoin Price Eyes $3 Target As DOGE Bounces From Crucial Support appeared first on CoinGape.

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