Dogecoin On-Chain Metric Points to Potential Price Increase, Analyst Says
A popular crypto analyst suggests that Dogecoin (DOGE) may soon experience a surge in price based on an on-chain metric. The analyst, Ali Martinez, notes that the number of new DOGE addresses is steadily increasing, indicating network expansion and potential upward movement in price. This positive network activity is seen as a promising sign for DOGE’s future.
Currently, Dogecoin is trading at $0.0921.
Shiba Inu Sees Massive Outflows from Exchanges
Moving on to Shiba Inu (SHIB), another dog-themed cryptocurrency, Martinez highlights that there has been a significant withdrawal of over 8 trillion SHIB from known exchange wallets since November. This withdrawal is valued at approximately $88 million. The outflow of SHIB from exchanges may have implications for its price in the future.
Currently, SHIB is worth $0.00001071.
Fantom Poised for Price Increase After Breaking Resistance Level
In regards to Fantom (FTM), a smart contract platform, Martinez suggests that it may reach $0.66 after surpassing the key resistance level of $0.47. With the resistance now acting as support and no major supply walls in sight, FTM has a clear path towards higher price levels.
Currently, FTM is trading at $0.525.
Hot Take: Positive On-Chain Activity May Boost Dogecoin’s Price
A crypto analyst suggests that Dogecoin’s increasing number of new addresses and network expansion point to a potential price increase in the future. This positive on-chain activity is seen as a promising sign for DOGE’s upward movement. Similarly, Shiba Inu has experienced significant outflows from exchange wallets, which could impact its price. Meanwhile, Fantom has broken through a key resistance level and has a clear path towards higher prices. These developments highlight the potential for price action in these cryptocurrencies.
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