Today, KALEO, a prominent analyst, tweeted a prediction that DOGE could gain strength against BTC in the coming days. At the moment, DOGE is up 2.74% compared to the leading cryptocurrency.
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On the daily chart for DOGE/BTC, a symmetrical triangle has formed, indicating a potential breakout in the near future.
In a recent tweet, trader and analyst KALEO mentioned that the Dogecoin (DOGE) and Bitcoin (BTC) trading pair is showing signs of movement. He predicted that in the next few days, DOGE might gain strength against the market-leading BTC.
$DOGE / $BTC pair is starting to move again
Long it with me here ➡️ https://t.co/32dHnZIFxS pic.twitter.com/0tWyly7dKt
— K A L E O (@CryptoKaleo) August 5, 2023
At the moment, according to CoinMarketCap, the meme coin DOGE has experienced a 2.54% increase in the last 24 hours, while BTC has declined by 0.37%. As a result, DOGE is currently trading at $0.07609, and BTC’s price is at $29,039.63.
The recent data shows that DOGE has already strengthened against BTC by 2.74% in the last 24 hours, making 1 DOGE worth 0.000002621 BTC at the time of reporting.
Daily chart for DOGE/BTC (Source:Â TradingView)
DOGE/BTC Daily Chart Analysis: Potential Breakout Ahead
On the daily chart for DOGE/BTC, a symmetrical triangle pattern has formed, indicating that DOGE might experience a breakout against BTC in the next few days. If the breakout moves upward, DOGE could aim to turn the 0.00000260 BTC resistance into support. This might lead to a rise to 0.00000295 BTC in the upcoming week.
On the flip side, if DOGE/BTC faces rejection at the 0.00000260 BTC resistance level, there could be a risk of dropping to the 20-day EMA line at around 0.00000253 BTC. Further decline might find support at the 50-day EMA line at 0.00000246 BTC.
At present, technical indicators are favoring bulls. The 9-day EMA line is above the 20-day EMA line, indicating a short-term bullish trend. Moreover, the 20-day EMA line is positioned above the 50-day EMA line, suggesting positive medium-term momentum.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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