Technicals Suggest DOGE Will Strengthen Against BTC This Week

  • Analyst Kaleo tweeted yesterday that it was only a matter of time before the DOGE/BTC ratio squeezed above resistance.
  • DOGE strengthened against BTC by 4.32% over the last 24 hours.
  • The trader’s prediction came true as the DOGE/BTC ratio broke the $0.00000305 BTC resistance recently.

The crypto analyst Kaleo (@CryptoKaleo) tweeted yesterday that Dogecoin (DOGE) has recently been showing “impressive strength.” The tweet also added that it is only a matter of time before the DOGE/BTC ratio squeezes above resistance.

Impressive strength from Dogecoin today.Only a matter of time before we see $DOGE / $BTC ratio squeeze above resistance.

At press time, CoinMarketCap shows that DOGE’s price has risen approximately 2.84% over the last 24 hours. This 24-hour performance has taken the meme coin’s weekly price performance further into the green at +8.16%. As a result of the recent positive price movement, DOGE is currently trading at $0.09144.

Meanwhile, Bitcoin (BTC) printed a 24-hour loss of 1.45%. The market leader’s weekly price performance is also in the red at -1.93% at press time. As a result, BTC’s price has dropped below the $30k level and is trading at $29,493.40.

DOGE has strengthened against BTC over the last 24 hours as well. Currently, CoinMarketCap shows that DOGE is up 4.32% against BTC. In addition, DOGE was also able to strengthen against the leading altcoin Ethereum (ETH) during this time, and is up 3.37% against ETH.

DOGE has recently overcome the resistance level at $0.00000305 BTC and has flipped the resistance level into support over the last 48 hours. The 9-day EMA line has also recently crossed above the 20-day EMA line on the daily chart for DOGE/BTC, which is a short-term bullish signal that suggests DOGE will continue to strengthen against BTC in the coming 24-48 hours.

Should this bullishness be validated, DOGE will look to make a move toward the next resistance level at around $0.00000356 BTC in the coming days. Traders may want to wait for DOGE to close today above the recently-flipped price level at $0.00000305 BTC before entering into a long position for DOGE/BTC.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Technicals Suggest DOGE Will Strengthen Against BTC This Week appeared first on Coin Edition.

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