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Time flies like water, and we are approaching the end of August. Crypto investors have left behind difficult days. Last week, investors suffered significant losses due to the market downturn. Today, BTC fell back to $26,000 as the impact of the increase in Nvidia shares faded and negative statements came from the Fed.
Dogecoin (DOGE) and Bitcoin
DOGE price shows signs of growth against Bitcoin (BTC) on a weekly time frame. The DOGE/BTC pair has broken through and confirmed its support as resistance. Can we say the same for DOGE’s performance against USD? No, and that’s where the problem begins.
Technical readings on the weekly chart indicate a bullish DOGE price prediction against BTC. The price had risen since it fell below the 230 satoshi horizontal support area in June. However, the subsequent increase reversed the previous breakout. Moreover, the recent movement resulted in a break from a declining resistance line at the end of July.
If the rally continues, the price could increase by 55% and reach the next resistance at 370 satoshi. However, if a break occurs below the 230 satoshi area, DOGE could drop by approximately 60% to 100 satoshi. If the optimistic scenario unfolds, DOGE will outperform the king of cryptocurrencies by at least a percentage.
DOGE Analysis
Despite the bullish outlook in the DOGE/BTC pair, the meme coin king seems to lose value against the dollar. The main bearish sign is the failed breakout from a long-term resistance line in July. While the price initially rose above the region, it has now fallen steadily below it. Such failed breakouts are often indicators of significant downward movements.
DOGE price rose above the $0.060 support area last week and is currently trading slightly above it. Despite this jump, the price is still well below its all-time high. The weekly RSI is also trending downwards.
So, if volatility increases and a real breakout occurs, where would the DOGE price go? The downside target is clear, with closings below $0.060 potentially pushing the price down to $0.037, a 40% decrease. A strong rally, on the other hand, could target $0.15 with a 140% increase.
