A closely followed crypto analyst says that one on-chain metric is signaling that meme asset Dogecoin (DOGE) may soon witness a burst to the upside.
Crypto analyst Ali Martinez tells his 37,300 followers on the social media platform X that the memecoin is experiencing a steady rise in the number of new addresses, contributing to its expansion.
“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.”
Dogecoin is trading for $0.0921 at time of writing.
Moving on to Shiba Inu (SHIB), another dog-themed digital asset, Martinez says that the altcoin is seeing massive outflows from crypto exchange platforms.
“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!”
At time of writing, SHIB is worth $0.00001071.
Wrapping up his analysis, Martinez brings up the smart contract platform Fantom (FTM). According to the strategist, the path looks clear for FTM to land near $0.66 after surpassing the key resistance level of $0.47.
“Fantom has triumphantly surpassed a key resistance at $0.47, where 1,430 addresses accumulated over 653 million FTM. With this resistance now acting as support and no major supply walls in sight, the path looks clear for FTM to march toward $0.66 or even higher.”
FTM is trading for $0.525 at time of writing.
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Source: https://dailyhodl.com/2023/12/25/dogecoin-flashing-on-chain-signal-thats-laying-the-groundwork-for-potential-upward-price-action-says-analyst/