Dogecoin Price Could Follow Bitcoin Price Rally Soon!
DOGE has gained momentum in the market as it gained over 4.8 percent and is holding well above the 25 cents mark. Meanwhile, bitcoin has reached a new all time high above $66000 after the debut of the Bitcoin Futures Exchange Traded Fund.
Experts believe that Dogecoin may soon follow the Bitcoin price rally and may achieve the 50 cents mark
Price chart illustrates a few possible scenarios for the approaching surge. Experts think that bulls are expected to enter quickly in order to avert more losses and reclaim lost positions. Meanwhile, fiat market cap data reveals that a Bitcoin standard has the potential to re-establish market players faith in the economies.
Overall prices and due to the fact that one bitcoin cannot be debased by lax monetary policies managed by corruptible human beings, its guarantees of keeping purchasing power enable a realignment of economic incentives. Besides, people in a Bitcoin economy would be less compelled to spend their money because they would be confident that their purchasing power would be conserved over time.
This data shows the positive outlook of not only Bitcoin, but also other cryptos, especially DOGE and for DOGE holders. The good news is that it’s 30 days correlation with Bitcoin remains fairly high. DOGE has maintained a stronghold just above the 25 cents level. Some experts believe that it may go back to the 24 cents level, but it appears as though DOGE will maintain this crucial resistance level.