Dogecoin Rally Ahead? This Positive Correlation Data Points To A Potential 20% Jump For DOGE
10 Agosto 2023 - 10:00PM
NEWSBTC
Dogecoin has been one of the cryptocurrencies to watch in the past
few weeks. However, the token’s price appears to be slowing down
after recording significant bullish momentum. Interestingly, there
might be renewed optimism around the DOGE price, as a crypto
analyst has offered insight on what to expect from the meme coin in
the coming weeks. Related Reading: Dogecoin Falls While Others
Rally, Is It Decoupling From The Market? Dogecoin To Experience A
20% Price Rally? On Thursday, August 10, crypto analyst
Ali Martinez shared data from IntoTheBlock, suggesting that DOGE
might witness a positive price movement soon. This suggestion is
based on the similarities in the price history of both Shiba Inu
(SHIB) and Dogecoin. According to his post on X (formerly
Twitter), there is a “strong” positive correlation of 0.74 between
the two meme coins over the past two months. This indicates that
when SHIB’s price shifts, the price of DOGE often moves in the same
direction. Source: TradingView/ali_charts Interestingly, this
hasn’t happened in the past few days, as the DOGE price has not
taken significant action. The value of SHIB, on the other hand, has
surged by 22% in the last seven days. However, Ali Martinez noted
that “given their high correlation coefficient,” a bullish price
movement might still be on the horizon for DOGE. So, investors
might want to keep a keen eye on the token’s performance in the
coming days. DOGE Price Stuck In A Range – Price Overview Dogecoin
has struggled to maintain the momentum garnered from Elon Musk’s
support a few weeks ago. The meme coin has been trading mainly
within a range since then, recording a mere 3.1% gain in the past
week. After reaching a 7-day high of $0.07658 on Saturday, August
5, the DOGE price shed all its gain to trade below $0.073. However,
the token’s price is back up, hovering around its weekly high.
Related Reading: Dogecoin Falls While Others Rally, Is It
Decoupling From The Market? This price action underscores the meme
coin’s unsuccessful attempts at breaking the $0.08 resistance
level. DOGE trades about 5.5% down from the significant $0.08 zone
after failing to breach it on July 31. As of this writing, the
Dogecoin price is $0.075739, having leaped by 0.3% in the
last 24 hours. With a nearly $10.7 billion market cap, DOGE ranks
as the 8th-largest cryptocurrency. CoinGecko data reveals that
there has been a substantial boost in DOGE’s market activity, with
a 17.6% increase in its daily trading volume. The cryptocurrency
currently has a 24-hour trading volume of over $430.2 million.
DOGEUSDT approaching the $0.08 level on the daily timeframe |
Source: DOGEUSDT chart from Tradingview Featured image from iStock,
charts from TradingView
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