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Highlights
- Dogecoin price might rally as DOGE/BTC signals a potential bullish reversal.
- The DOGE/BTC ratio shows that Dogecoin might outperform Bitcoin in the near term.
- The bullish setup comes as Dogecoin founder Shibetoshi Nakamoto teases traders that have sold BTC.
Dogecoin (DOGE) continues to extend losses today, July 30. It trades at $0.222 with a 3.44% drop in 24 hours. However, a turning point for Dogecoin price in favor of bullish traders might be near. This follows a signal of a 70% rally printed by DOGE/BTC as the Dogecoin founder teases those selling Bitcoin.
Dogecoin Price Rally Looms as DOGE/BTC Prints Bullish Pattern
DOGE/BTC shows how Dogecoin is doing compared to Bitcoin. Most of the time, Dogecoin follows Bitcoin’s lead, but there are moments when DOGE pulls ahead.
For example, in mid-June, when the Bitcoin price was gaining but Dogecoin was not, DOGE/BTC dropped to the lowest point in four years. Later on, DOGE price started to rise on June 23 from $0.15 to reach $0.27 on Tuesday last week. During this time, DOGE/BTC rose.
Because of the highs and lows that have been happening for the last two months, a double bottom has appeared. That means that the ratio has found strong support. This lies at 0.0000145, the lowest point of the double bottom.
However, even after finding support, this top meme coin is not having an easy time moving past resistance. For the past two times it has tested this resistance, Dogecoin price tends to somehow lose its strength against Bitcoin.
If buyers can step in and aid the DOGE price rally and enable it to outperform BTC in the near term, getting past 0.00000248 might become possible. After this happens, the ratio will then set its sights on $0.00000426.
When the ratio is rising, it means that Dogecoin price is also gaining. For example, between October and November 2024, the ratio increased by 191%. During this same time, DOGE price soared by 350%.
In case Dogecoin gains by the same 71% that the ratio shows, it might reach $0.37 soon. However, recently, CoinGape reported that Dogecoin has been crashing because of macro factors. This might delay its chances to gain.
DOGE Founder Teases Bitcoin Sellers
Dogecoin founder, Shibetoshi Nakamoto, has poked fun at people who have been selling their Bitcoin. In a recent post on X, he joked about traders who love to brag that they bought Bitcoin for just $5,000 years back, only to admit that they sold most of it.
His post comes after a surge in the Bitcoin price. Assuming someone bought BTC when it was at $5,000, they have gotten more than 20 times their investment.
However, it is because of such selling behaviour that DOGE/BTC has room to surge. When traders begin to dump Bitcoin, they start turning towards alternatives like DOGE, especially now that there is a belief that the Dogecoin price might surge because of an altcoin season.
Therefore, DOGE/BTC carries much weight in Dogecoin’s short-term outlook. However, for the long-term Dogecoin price forecast beyond 2025, other things might influence how it will perform.
Frequently Asked Questions (FAQs)
1. Can Dogecoin outperform Bitcoin?
2. What does DOGE/BTC show about the Dogecoin price?
3. Are crypto traders selling Bitcoin for DOGE?
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