Despite the notable gains it has made throughout this year, the price of Dogecoin has risen Not yet broken above All-time high in 2021, but analysts Continue to stay bullish. Interestingly, recent analyzes by cryptocurrency analysts have done just that Dogecoin price comparison XRP prices are in the works, with the general consensus on new all-time highs for both cryptocurrencies in the coming months. A noteworthy observation by cryptocurrency analyst, Professor Astronz, added more curiosity to this discussion, as he linked the XRP market movements to the rise in the price of Dogecoin.
Dogecoin price action reflects the dynamics of XRP’s rise
Professor Astronz, a pseudonymous cryptocurrency analyst, shared his view on social media platform X, noting that XRP market liquidity could flow into Dogecoin and push its price to new heights. According to the 4-hour DOGEUSDT chart accompanying his analysis, Dogecoin’s current price action is defined by a narrow range consisting of a descending trend line and an ascending trend line. Interestingly, this chart structure resembles a bullish flag, which often indicates an approaching bullish breakout.
According to him, Dogecoin price is still on track to reach a closer target of $1 and long-term targets of $3 and $5 by 2025. All of these are bullish targets, and reaching even $1 would require a breakout above the current overall level. Its all-time high is at $0.7316. Interestingly, his Dogecoin price forecast is also based on the expected rotation of liquidity in the cryptocurrency market.
Specifically, expect a scenario where the capital that fueled the XRP price rally eventually flows into Dogecoin. “$XRP funds will flow into $DOGE” The analyst said.
What this basically means is that when XRP investors start making profits, their focus may shift towards Dogecoin, which, like XRP, is one of the cryptocurrencies. The most popular cryptocurrencies Among retail investors.
Interestingly, this outlook of money rotation between XRP and Dogecoin is supported by other cryptocurrency analysts. One such voice is @CryptoGodJohn, who… A similar point of view was expressed on the social media platform
Similarities between Dogecoin and XRP charts
Jacob Canfield, another famous cryptocurrency analyst, Share his thoughts On the price similarities between Dogecoin and XRP, highlighting the classic trading structure of both assets. He noticed that Dogecoin price formed higher lows while it succeeded in converting previous resistance levels into support, It is very similar to XRP on lower time frames.
At the time of writing, Dogecoin is trading at $0.441 and is up 5% in the last 24 hours. On the other hand, XRP is currently trading at 2.37, having fallen by about 10% over the past 24 hours. It remains to be seen whether there will be a liquidity rotation between XRP and Dogecoin in the current bull cycle.
Featured image created with Dall.E, chart from Tradingview.com
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