A cryptocurrency expert has revealed that Dogecoin, the well-known meme coin with a dog theme, may surpass Bitcoin in performance based on a bullish technical signal according to their analysis.
Dogecoin Shows Signs Of A Bullish Breakout
In a recent update on his X account (previously Twitter), crypto expert Kevin expressed confidence that Dogecoin’s current pricing trend could outperform Bitcoin’s predicted growth by 2024. He backed up this viewpoint by comparing the price charts of Dogecoin and Bitcoin, noting that Dogecoin was currently resting in a “golden pocket,” indicating potential for growth.
This refers to a particular price level or percentage change that serves as a marker of either buying or selling trends in the market, with historical significance indicating potential for gradual or robust price movements upwards.
Based on Kevin’s perspective, the value of DOGE now sits higher than all the ongoing bull market averages (MAs). In simpler terms, the cryptocurrency is maintaining its ground and proving strength in the face of current market instability and unpredictability.
If Dogecoin continues to gain traction at its current pace, according to the analyst’s prediction, it might reach new peak levels, even surpassing Bitcoin’s accomplishments.
Starting from January, Bitcoin has seen a remarkable rise of more than 143.64%, based on data from CoinMarketCap. Before the halving event held in March, Bitcoin underwent substantial growth leading to new peak prices above $73,000. Currently, Bitcoin is valued at $66,700 – a small increase of $91 compared to the previous day’s price.
If Dogecoin manages to surpass Bitcoin’s performance during the second quarter of the 2024 cryptocurrency market, it could rank as one of the most profitable investments for this meme coin based on its canine theme.
DOGE Price Update
Despite the unstable market conditions and poor showings from Bitcoin and other leading cryptocurrencies, Dogecoin’s price has held up fairly well. After the hype surrounding meme coins like Dogecoin in February and March, there was a significant increase in value for many cryptocurrencies, including Dogecoin.
Instead of this: “However, as investors’ interest in meme coins decreased and they started focusing on other cryptocurrencies, many coins saw a reversal, falling back and returning to their lower values.”
Currently, Dogecoin is priced at $0.16, representing a 2.73% rise over the last 24 hours. The cryptocurrency has experienced growth over the past week, resulting in a 3.41% price boost.
The trading activity for Dogecoin has significantly grown, marking a 5.21% rise and reaching over $1.1 billion in total transactions. Additionally, its market value has surged by 2.74%, representing a capitalization of approximately $23.3 billion.
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2024-04-24 20:11