A prominent market analyst has suggested that Dogecoin could replicate the recent price rally observed in XRP, describing DOGE as the “budget version” of the altcoin. DonAlt, a seasoned trader, shared his insights on X, supported by comparative price charts.
XRP and Dogecoin have displayed similar market patterns since early November, reflecting the impact of recent U.S. political developments.
DOGE is the budget version of XRP pic.twitter.com/6oUCT1vIeF
— DonAlt (@CryptoDonAlt) November 22, 2024
Price Movement Comparisons Between XRP and Dogecoin
Following the U.S. presidential election on November 5, which saw pro-crypto candidate Donald Trump secure victory, the crypto market experienced a significant shift. Dogecoin, in particular, quickly emerged as one of the top beneficiaries of the market trend. This surge was further amplified by Elon Musk’s visible support for Trump.
Dogecoin’s price climbed from $0.1513 on November 5 to a peak of $0.4389 by November 12, representing a 190% increase within seven days. This rally brought DOGE to price levels not observed since mid-2021. However, the uptrend faced resistance at $0.4389, leading to a retracement as the asset dropped to $0.3401 five days later.
Despite the dip, bullish momentum remained evident, as DOGE sustained support around the $0.34 mark. This defensive stance prevented further declines, creating a phase of price consolidation. DOGE oscillated between $0.34 and $0.43 for roughly ten days, leading analysts to anticipate a potential breakout.
XRP demonstrated a strikingly similar trajectory earlier in November. The token rose from $0.5033 on November 5 to a three-year high of $1.26 by November 16, marking a 150% gain. Like Dogecoin, XRP entered a consolidation phase after its rally, but its consolidation lasted only four days.
By November 21, XRP surged by 12.86% in a single day, surpassing its previous peak. This renewed upward momentum coincided with the SEC Chair’s resignation announcement, further fueling bullish sentiment.
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Predictions for Dogecoin’s Uptrend
According to DonAlt, Dogecoin’s current market behavior suggests it could replicate XRP’s trajectory. Since breaking out of its consolidation, XRP has gained over 34% in just three days.
A similar performance for Dogecoin could propel its price to $0.57, with some experts projecting even more substantial gains beyond $1.
A shared technical indicator supporting this prediction is the appearance of a bull flag on both tokens’ daily charts. This pattern, characterized by a sharp rally followed by consolidation, typically indicates the continuation of the previous uptrend once the consolidation phase concludes.
As of recent data, DOGE has already surpassed its peak of $0.4389, reaching a new high of $0.4653 yesterday. At the time of press, DOGE trades at $0.426, witnessing a 3.41% decrease in the past 24 hours.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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