Alphractal Analyzes Dogecoin Metrics Indicating Potential Price Breakout
Dogecoin (DOGE) is gaining attention due to new analysis from Alphractal, indicating potential for a price breakout driven by strong network metrics. Key points include:
- Hash rate levels are approaching record highs, reflecting miner confidence.
- Mean hash rate has been steadily increasing since 2020, correlating with price growth.
- Alphractal's Network Stress Index shows stability in the Dogecoin network, with no immediate signs of stress.
- DOGE is currently trading around its True Market Mean Price, suggesting a solid base for upward momentum.
Additionally, Alphractal’s Alpha Price and Cumulative Value Days Destroyed (CVDD) models provide insights into DOGE’s long-term valuation:
- Alpha Price aligns with historical market trends, serving as a reliable indicator during market fluctuations.
- Current CVDD readings suggest price consolidation between lower and upper bands, similar to patterns before previous rallies.
- The CVDD top is at approximately $0.54, with potential for an increase if dormant coins re-enter circulation.
