DOGE Shows Strength Against BTC: Analyst - COINTURK NEWS
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DOGE Shows Strength Against BTC: Analyst

8:45 pm (53 days ago)
August 5, 2023

Trader and analyst KALEO announced today in an early morning tweet that Dogecoin (DOGE) / Bitcoin (BTC) pair is starting to move again. In the post, he predicted that DOGE could strengthen against the market leader in the next few days.

DOGE Continues to Strengthen

According to CoinMarketCap, the market’s most valuable meme token has increased by 2.41% in the last 24 hours. Meanwhile, BTC showed a 0.71% decrease. As a result, the largest meme coin was trading at $0.07586, and BTC’s price was $29,002.63.

This meant that DOGE had started to strengthen against BTC by 2.90% in the last 24 hours. At the time of writing, one DOGE was valued at 0.000002621 BTC.

DOGE/BTC Chart Analysis

Looking at the daily chart for DOGE/BTC, it can be seen that a symmetrical triangle has formed. This formation indicated that DOGE could break against BTC in the next few days. If this breakout is upward, DOGE may attempt to convert the resistance at 0.00000260 BTC into support. If this happens, DOGE/BTC could rise to 0.00000295 next week.

On the other hand, if DOGE/BTC is rejected by the 0.00000260 BTC resistance level, it could be at risk of falling towards the 20-day EMA line around 0.00000253 BTC. If DOGE loses support from this technical indicator, the last line of defense before dropping to 0.00000235 would be the 50-day EMA line at 0.00000246 BTC.

Technical indicators showed that momentum is in favor of the bulls. The 9-day EMA line is positioned above the 20-day EMA line, indicating that DOGE/BTC is in a short-term bullish cycle. Additionally, the 20-day EMA line is also positioned above the 50-day EMA line, indicating positive medium-term momentum.

Recently, Elon Musk’s tweets about DOGE have drawn investors’ attention, providing interesting news flow about Dogecoin. According to the news, Twitter is expected to launch a payment mechanism soon, which will support DOGE. If Twitter accomplishes this, the market’s largest meme token, DOGE, may experience a price increase in the near future.

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