Thanks to various bullish on-chain metrics, Dogecoin (DOGE) is not relenting in its quest for a competitive advantage.
According to crypto charism Trader Tardigrade, Dogecoin’s bull flag is still playing out, which might have enabled the apex meme coin to surge to the psychological price of $0.30.
A bull flag formation is deemed bullish since it depicts an uptrend continuation after a brief period of consolidation.
This chart pattern, which features a flagpole, flag, and breakout, is often used to identify entry points during ongoing uptrends.
Trader Tardigrade had previously noted that DOGE was in line to soar to $1 by stating, “A breakout from a channel has been noted, aligning with recent price actions just before a spike.”
According to CoinGecko data, Dogecoin was up by 43.1% in the past month to hit $0.226 at the time of writing.
Dogecoin Experiences Soaring Investor Interest
According to Glassnode data, the number of active Dogecoin addresses recently witnessed a major uptick of nearly 1,000% after experiencing a weekly surge of 990% from 61,892 to 674,527.
Therefore, this trend shows that Dogecoin is enjoying increased demand, network usage growth, and higher user participation, which is deemed bullish.
Meanwhile, Dogecoin bulls are contemplating a 300% increase after mimicking a previous falling wedge pattern.