A Couple Reasons Dogecoin Is Going To Rally Back to 35 cents
Bitcoin has finally gone past the 52k mark for the very first time since the market crash last month. And yet Dogecoin is still down by around two percent. If we look at Dogecoin correlation with Bitcoin, it currently stands at 47. Just three days ago, it stood over 70.
I think this is because there’s no big event or big news coming out for Dogecoin. There’s no news from Elon Musk. No tweets about the new Doge upgrade or even the Dogethereum bridge. The question is whether we should be worried about it or not.
Big Dogecoin Upgrade
But Dogecoin is going to rally back to 35 cents from here within the next couple of weeks. There are a couple of reasons behind it. We recently heard about the big Doge upgrade from Michi Lumin and how you can finally run the current version, a lower fee. Still, the fact is that no one really noticed it. Not even Elon Musk bothered to tweet about it.
The point here is that when the new upgrade officially comes out, Elon will tweet about it and Dogecoin will continue its rally after that. And the thing is that this upgrade is going to be launched as soon as 30th September as Michi Lumin hinted. So it just might be better to hold on to your Doge for now.
Dogecoin has broken out on the HTF
Another reason that makes Dogecoin move to 35 cents is that Dogecoin is putting out some really bullish patterns. Dogecoin has broken out on the HTF. If this is confirmed, it could rally all the way to 35 cents. Once that happens, Doge will quickly jump to even 40 cents from there.
Now, let’s look at Dogecoin chart from earlier today to see another bullish pattern that we observed this morning. We saw a pretty sweet formation for Doge. It retested key daily structure support and the price formed a double bottom formation and also broke a falling wedge pattern to the upside. It is considered a very strong trigger and now a bullish wave is expected for Dogecoin.
The next target for Bitcoin is 55K, which is very much within reach. DogeLabs is creating a Doge burn wallet for Dogecoin. This will activate a similar deflationary mode to what’s happening with Bitcoin. This implies that we can see huge gains for the Dogecoin in the near future.