Dogecoin (DOGE) has been gaining strength in the crypto market, according to crypto analyst Kaleo. In a recent tweet, Kaleo stated that it is only a matter of time before the DOGE/BTC ratio surpasses resistance. This positive sentiment is supported by CoinMarketCap’s data, which shows that DOGE’s price has risen by 2.84% in the last 24 hours, bringing its weekly performance to +8.16%. At present, DOGE is trading at $0.09144, a result of its recent positive price movement.
In contrast, Bitcoin (BTC) has experienced a 24-hour loss of 1.45%, and its weekly price performance is also in the red at -1.93%. This has caused BTC’s price to drop below the $30k mark, and it is currently trading at $29,493.40. However, DOGE has shown strength against BTC in the last 24 hours, with CoinMarketCap reporting a 4.32% increase. DOGE has also strengthened against Ethereum (ETH) during this time, with a 3.37% increase.
DOGE has recently surpassed the resistance level at $0.00000305 BTC and turned it into support over the last 48 hours. Furthermore, the 9-day EMA line has crossed above the 20-day EMA line on the daily chart for DOGE/BTC, indicating that DOGE will continue to gain strength against BTC in the coming days. This bullishness is expected to push DOGE towards the next resistance level at around $0.00000356 BTC. Traders are advised to wait for DOGE to close above the recently-flipped price level at $0.00000305 BTC before entering a long position for DOGE/BTC.
It is important to note that the views and opinions expressed in this analysis are published in good faith. Readers are advised to do their own research and due diligence before taking any action, as any decision made is at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss resulting from this information.
In conclusion, DOGE’s recent positive price movement and strength against BTC and ETH suggest that it may continue to gain momentum in the coming days. Traders should keep a close eye on DOGE’s price movements and wait for confirmation before making any investment decisions.