- Analyst Kaleo tweeted yesterday that it was only a matter of time before the DOGE/BTC ratio squeezed above resistance.
- DOGE strengthened against BTC by 4.32% over the last 24 hours.
- The trader’s prediction came true as the DOGE/BTC ratio broke the $0.00000305 BTC resistance recently.
The crypto analyst Kaleo (@CryptoKaleo) tweeted yesterday that Dogecoin (DOGE) has recently been showing “impressive strength.” The tweet also added that it is only a matter of time before the DOGE/BTC ratio squeezes above resistance.
Impressive strength from Dogecoin today.Only a matter of time before we see $DOGE / $BTC ratio squeeze above resistance.https://t.co/32dHnZIFxS pic.twitter.com/MMOdKt7aQ1— K A L E O (@CryptoKaleo) April 17, 2023
At press time, CoinMarketCap shows that DOGE’s price has risen approximately 2.84% over the last 24 hours. This 24-hour performance has taken the meme coin’s weekly price performance further into the green at +8.16%. As a result of the recent positive price movement, DOGE is currently trading at $0.09144.
Meanwhile, Bitcoin (BTC) printed a 24-hour loss of 1.45%. The market leader’s weekly price performance is also in the red at -1.93% at press time. As a result, BTC’s price has dropped below the $30k level and is trading at $29,493.40.
DOGE has strengthened against BTC over the last 24 hours as well. Currently, CoinMarketCap shows that DOGE is up 4.32% against BTC. In addition, DOGE was also able to strengthen against the leading altcoin Ethereum (ETH) during this time, and is up 3.37% against ETH.
Daily chart for DOGE/BTC (Source: TradingView)
DOGE has recently overcome the resistance level at $0.00000305 BTC and has flipped the resistance level into support over the last 48 hours. The 9-day EMA line has also recently crossed above the 20-day EMA line on the daily chart for DOGE/BTC, which is a short-term bullish signal that suggests DOGE will continue to strengthen against BTC in the coming 24-48 hours.
Should this bullishness be validated, DOGE will look to make a move toward the next resistance level at around $0.00000356 BTC in the coming days. Traders may want to wait for DOGE to close today above the recently-flipped price level at $0.00000305 BTC before entering into a long position for DOGE/BTC.
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