In recent weeks, Dogecoin has gained attention as a prominent cryptocurrency. Despite previously showing strong bullish momentum, its price seems to be slowing down. Nevertheless, there is renewed optimism around DOGE, as a crypto analyst has provided insights into what we can expect from the meme coin in the coming weeks.
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DOGE Rally Ahead? Positive Correlation Data Suggests 20% Jump. Dogecoin To Experience A 20% Price Rally?
On August 10th, crypto analyst Ali Martinez shared data from IntoTheBlock, suggesting that DOGE may experience a positive price movement in the near future. Martinez's 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. DOGE Rally Ahead? Positive Correlation Data Suggests 20% Jump.
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's price has been fluctuating within a narrow range since Elon Musk's endorsement a few weeks ago, with only a 3.1% gain in the past week. Despite reaching a 7-day high of $0.07658 on August 5th, the DOGE price has fallen below $0.073. However, it has since rebounded and is now hovering around its weekly high. The coin's inability to break the $0.08 resistance level has been evident, as it trades about 5.5% below it since its failure to breach it on July 31st. As of this writing, Dogecoin's price is $0.075739, up by 0.3% in the last 24 hours. With a market cap of nearly $10.7 billion, DOGE is currently the 8th largest cryptocurrency. According to CoinGecko data, DOGE's market activity has seen a significant boost, with a 17.6% increase in its daily trading volume, which now stands at over $430.2 million in the last 24 hours.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.