A closely watched crypto analyst says one on-chain metric indicates meme asset Dogecoin (DOGE) could soon witness a burst to the upside.
Crypto analyst Ali Martinez tells its 37,300 followers on the social media platform
“Dogecoin is experiencing remarkable network expansion! There has been a steady increase in the creation of new DOGE addresses, which are consistently reaching new highs. This increase in network activity is a promising sign for DOGE as it lays the groundwork for potential upside price action.”
Dogecoin is trading at $0.0921 at the time of writing.
Moving on to Shiba Inu (SHIB), another dog-themed digital asset, Martinez say that the altcoin is seeing a massive outflow from crypto exchange platforms.
“Since November, there has been a massive withdrawal of over 8 trillion SHIB from known crypto exchange wallets – estimated at approximately $88 million!”
At the time of writing, SHIB is worth $0.00001071.
To conclude his analysis, Martinez brings up the smart contract platform Fantom (FTM). According to the strategist, the way seems clear for FTM country almost $0.66 after crossing the key resistance level at $0.47.
“Fantom triumphantly surpassed a key resistance at $0.47, with 1,430 addresses collecting over 653 million FTM. With this resistance acting as support and no major supply walls in sight, the path seems clear for FTM to march towards $0.66 or even higher.”
FTM is trading at $0.525 at the time of writing.
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Generated image: Midjourney