- Dogecoin’s daily active addresses have overtaken XRP, indicating increased user engagement.
- A breakout from an ascending triangle pattern suggests a potential price target of $0.195 for DOGE.
- DOGE derivatives volume soared 71.44% in just 24 hours, surpassing the $5 billion mark.
Memecoin DOGE surpassed XRP, the $130 billion altcoin, in terms of daily active addresses, a sign of growing user engagement and network activity. TradingView data showed DOGE addresses jumping 11.2% hourly to 61,190, while XRP’s grew a more modest 8.65% to 47,280 during the same snapshot.
On the other hand, data from CoinMarketCap shows that at the time of writing, XRP is trading at $2.26 following a 7.78% 24-hour surge, while DOGE sits at $0.1816 with an impressive 11.11% rise.
Interestingly, DOGE’s breakout from a technical pattern could explain this surge while derivatives data signals even more upside.
DOGE Targets $0.195 After Breaking Ascending Triangle
Looking at DOGE’s chart, the token broke out of an ascending triangle pattern, a bullish technical formation characterized by a flat resistance line and rising support. The resistance line was near $0.168 which DOGE cleared decisively.
The height of this triangle, pointed out by analyst Ali Martinez, was approximately $0.027 (ranging from $0.141 to $0.168). When this is added to the breakout level, it gives a bullish target of $0.195, which aligns perfectly with the 1.618 Fibonacci extension level near $0.196.
However, if DOGE fails to hold above support and breaks down instead, particularly near $0.155, the bearish target would be around $0.128.
Related: Dark Defender Calls for One More XRP Drop Before the Real Rally Starts
On the other hand, the bullish derivatives data provided by Coinglass also contributed to DOGE’s growth. DOGE derivatives volume surpassed $5 billion, up 71.44% in just 24 hours while options volume skyrocketed 289.14% with Open Interest climbing 13.21%.
This explosion in derivatives trading often precedes or accompanies major price moves.
Technical Indicators: RSI and MACD
The Relative Strength Index (RSI) stands at 60.17, inching into bullish territory but not yet overbought. This suggests there’s still room for upside before buyers might become exhausted.
Related: Dogecoin Eyes Bullish Continuation on April 16 as Whales Add 800M DOGE in 48 Hours
The MACD also paints a bullish picture. The MACD line has crossed above the signal line and remains in positive territory, with growing histogram bars confirming strengthening momentum. This crossover is typically viewed as a buy signal and supports the ongoing upward trajectory.
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