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NewsBTC 2023-01-31 18:00:32

Dogecoin Gearing To Bounce Back Against Bitcoin – Does Doge Have The Energy?

A popular crypto trader, Bluntz, forecasted a significant price rally for Dogecoin against Bitcoin today. Bluntz tweeted to his followers that the DOGE/BTC trading pair is “gearing for a revenge pump for probably 100% or more.” Based on his chart analysis, Bluntz identified that Doge had formed a bullish pattern that may surprise the crypto community. Bluntz seems convinced that Doge will continue to surge its price, thus cautioning that investors would be careless for missing out on this potential opportunity. Bluntz’s sentiment appears to be backed by other crypto market analysts who are also confident that Doge is destined for massive growth. Bluntz also disclosed that the Dogecoin/USD trading pair has finally broken out of a consolidation channel, indicating that Doge is “loading and set to lead the altcoin season.” He said it is just a matter before the meme crypto witnesses a huge price uptick. Related Reading: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan Does Dogecoin Have More Potential Than Bitcoin? For investors seeking to invest in cryptocurrencies, Dogecoin is one of the major altcoins that can prove to be a better investment choice. Dogecoin is currently the ninth-largest cryptocurrency. However, Dogecoin seems a good option for investors willing to take on a little risk. Doge’s price appears relatively much less volatile than BTC’s price. As a result, its price’s relative stability makes many investors consider it a more suitable currency for daily transactions than BTC. Despite some of the selling points that Dogecoin has over Bitcoin, BTC still has significant advantages over the Shiba Inu-themed crypto. BTC’s value is significantly higher than Doge’s. Bitcoin’s all-time high is over $69,000, while Dogecoin is around $0.70. The price difference shows why millions of people invest in Bitcoin because they deem it a reliable long-term value store. In the public eye, high-net-worth investors are less confident in investing huge amounts of funds in Dogecoin. Instead, institutional investors prefer Bitcoin as their investment choice. In that sense, Doge is likely to lag behind Bitcoin. Related Reading: Dogecoin Whales Move Large Amounts, Bearish For DOGE? Doge Price Analysis At the time of writing, Dogecoin is trading its price at $0.09, up 7.39%, with a trading volume of $1.3 million in the last 24 hours, as per Coinmarketcap. So far, the Dogecoin trading chart shows ranging vector candles to the upside, indicating that the crypto asset is currently bullish. Furthermore, the movement seems to be targeting a closer higher high, which could result in a further price surge. The buyers appear to be taking control and pushing the price above. If Doge maintains its bullish trend, then in the next few days, it will likely soar toward the resistance level of $0.1507. But if the coin sees a price correction, it will retreat to $0.07. Featured image from Unsplash, Chart from TradingView.

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