Dogecoin DOGE/USD is up 28% over the past week, and traders are predicting a bull run if Bitcoin BTC/USD breaks out.
What Happened: In a recent podcast update, crypto traders DonAlt and CryptoCred connected the performance of altcoins, particularly Dogecoin, to a potential breakout of Bitcoin.
DonAlt continues to hold Dogecoin, targeting a price between $0.50 and $0.80 if Bitcoin experiences significant volatility, compared to XRP’s dramatic rise in 2017. revealed. He also sets a price target for Memecoin between $1.50 and $2.00.
Both traders expect Bitcoin to rise between $80,000 and $100,000, even though the market structure has yet to confirm a breakout. DonAlt emphasizes the importance of the $64,300 support level and believes that a close above $68,000-$69,000 will solidify the bullish trend and could lead to a pullback to $60,000 after a breakout.
DonAlt also highlighted Dogecoin’s recent strong performance in a tweet.
Also read: Bitcoin allows companies and governments to save money without exploitation, says industry expert
Why it matters: Cryptocurrency trader Kevin points out that this is only the third time in its history that Dogecoin’s money flow indicator has turned green, with the previous times being in March 2021 and November 2017. did. In both cases, significant price increases followed. Green money flows suggest that more funds are flowing into Dogecoin, indicating bullish momentum.
For those unfamiliar, money flow is a key metric used by investors to predict future price movements. Green money flows indicate that more money is flowing in than out of an asset, often indicating bullish sentiment.
According to IntoTheBlock, Dogecoin’s hodler balances expanded by 27.3% and the exchange’s netflow increased by 16.5%. At current levels, 80% of Dogecoin holders have profited.
What’s next: The impact of meme coins will be thoroughly explored at Benzinga’s Future of Digital Assets event on November 19th.
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