Dogecoin Gearing To Bounce Back Against Bitcoin – Does Doge Have The Energy?
31 Gennaio 2023 - 07:00PM
NEWSBTC
A popular crypto trader, Bluntz, forecasted a significant price
rally for Dogecoin against Bitcoin today. Bluntz tweeted to his
followers that the DOGE/BTC trading pair is “gearing for a revenge
pump for probably 100% or more.” Based on his chart analysis,
Bluntz identified that Doge had formed a bullish pattern that may
surprise the crypto community. Bluntz seems convinced that Doge
will continue to surge its price, thus cautioning that investors
would be careless for missing out on this potential
opportunity. Bluntz’s sentiment appears to be backed by other
crypto market analysts who are also confident that Doge is destined
for massive growth. Bluntz also disclosed that the
Dogecoin/USD trading pair has finally broken out of a consolidation
channel, indicating that Doge is “loading and set to lead the
altcoin season.” He said it is just a matter before the meme crypto
witnesses a huge price uptick. Related Reading: Dogecoin
Surges 6% After Elon Musk Unveils Crypto Payment Master Plan Does
Dogecoin Have More Potential Than Bitcoin? For investors seeking to
invest in cryptocurrencies, Dogecoin is one of the major altcoins
that can prove to be a better investment choice. Dogecoin is
currently the ninth-largest cryptocurrency. However, Dogecoin seems
a good option for investors willing to take on a little risk.
Doge’s price appears relatively much less volatile than BTC’s
price. As a result, its price’s relative stability makes many
investors consider it a more suitable currency for daily
transactions than BTC. Despite some of the selling points that
Dogecoin has over Bitcoin, BTC still has significant advantages
over the Shiba Inu-themed crypto. BTC’s value is significantly
higher than Doge’s. Bitcoin’s all-time high is over $69,000, while
Dogecoin is around $0.70. The price difference shows why millions
of people invest in Bitcoin because they deem it a reliable
long-term value store. In the public eye, high-net-worth investors
are less confident in investing huge amounts of funds in Dogecoin.
Instead, institutional investors prefer Bitcoin as their investment
choice. In that sense, Doge is likely to lag behind Bitcoin.
Related Reading: Dogecoin Whales Move Large Amounts, Bearish For
DOGE? Doge Price Analysis At the time of writing, Dogecoin is
trading its price at $0.09, up 7.39%, with a trading volume of $1.3
million in the last 24 hours, as per Coinmarketcap. So far, the
Dogecoin trading chart shows ranging vector candles to the upside,
indicating that the crypto asset is currently bullish. Furthermore,
the movement seems to be targeting a closer higher high, which
could result in a further price surge. The buyers appear to be
taking control and pushing the price above. If Doge
maintains its bullish trend, then in the next few days, it will
likely soar toward the resistance level of $0.1507. But if the coin
sees a price correction, it will retreat to $0.07. Featured image
from Unsplash, Chart from TradingView.
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