Dogecoin’s Price Rally Predicted by Crypto Analyst
Dogecoin has been one of the cryptocurrencies to watch lately, but its price momentum seems to be slowing down. However, there may be renewed optimism for DOGE as a crypto analyst offers insight into its future.
Key Points:
– Crypto analyst Ali Martinez suggests that DOGE may experience a positive price movement soon based on data from IntoTheBlock.
– Martinez notes a “strong” positive correlation of 0.74 between SHIB and DOGE over the past two months, indicating that when SHIB’s price shifts, DOGE often moves in the same direction.
– Despite recent inaction, Martinez believes that a bullish price movement could still be on the horizon for DOGE, urging investors to monitor its performance.
DOGE Price Stuck in Range, Fails to Break Resistance
Dogecoin has struggled to maintain its momentum after Elon Musk’s support and has been trading within a range. It has only gained 3.1% in the past week.
Key Points:
– DOGE’s price has been hovering near its weekly high after reaching a 7-day high of $0.07658 and then falling below $0.073.
– The meme coin has been unsuccessful in breaking the $0.08 resistance level, currently trading about 5.5% down from that zone.
– Despite this, Dogecoin’s price has increased by 0.3% in the last 24 hours and has a market cap of nearly $10.7 billion.
– DOGE’s market activity has seen a substantial boost, with a 17.6% increase in daily trading volume.
Hot Take: Dogecoin’s Future Price Movement
While Dogecoin’s price has been stagnant recently, there is hope for a positive price rally according to crypto analyst Ali Martinez. The correlation between SHIB and DOGE suggests that a bullish movement may be on the horizon. However, DOGE has struggled to break its resistance level and maintain momentum. Investors should closely monitor its performance in the coming days to see if it can overcome these challenges and experience a significant price increase.
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