Despite significant gains throughout this year, the price of Dogecoin still hasn't surpassed its all-time high from 2021, yet analysts remain optimistic. Interestingly, recent analyses from cryptocurrency analysts have compared Dogecoin's price action to the XRP bull run, with a general consensus that new all-time highs are expected for both cryptocurrencies in the coming months. A notable observation from cryptocurrency analyst Professor Astrones has added to the allure of this discussion, as he linked XRP's market movements to Dogecoin's bullish run.
The price action of Dogecoin reflects the bullish momentum of XRP
Professor Astrones, an anonymous cryptocurrency analyst, shared his views on the social media platform X, noting that the market liquidity of XRP could flow into Dogecoin and push its price to new heights. According to the accompanying 4-hour DOGEUSDT chart with his analysis, the current price volatility of Dogecoin is defined by a tightening range formed by a descending trendline and an ascending trendline. Interestingly, this chart structure resembles the flag structure of a bullish pennant, often indicating an impending upward breakout.
According to him, the price of Dogecoin is still on track to achieve its nearer target of $1 and a long-term target of $3 and $5 by 2025. All are bullish targets, and reaching the $1 level also requires surpassing the current all-time high of $0.7316. Interestingly, his price outlook for Dogecoin is also based on the anticipated liquidity rotation in the cryptocurrency market.
Specifically, he predicts a scenario where the capital driving XRP's price increase will eventually flow into Dogecoin. "Money $XRP will flow into $DOGE," the analyst stated.
Essentially, this means that as XRP investors start taking profits, their focus may shift to Dogecoin, which, like XRP, is one of the most popular cryptocurrencies among retail investors.
Interestingly, the prospect of the money flow between XRP and Dogecoin is supported by other cryptocurrency analysts. One such voice is @CryptoGodJohn, who expressed a similar view on the social media platform X. According to his own outlook, he predicts that money will flow into Dogecoin as XRP reaches its local price peak in this market cycle.
The similarity between the Dogecoin and XRP charts
Jacob Canfield, another well-known cryptocurrency analyst, shared his thoughts on the price similarities between Dogecoin and XRP, highlighting the classic trading structure of both assets. He noted that Dogecoin's price has formed higher lows while successfully turning previous resistance levels into support, similar to XRP on lower time frames.
At the time of writing, Dogecoin is trading at $0.441 and is up 5% in the last 24 hours. On the other hand, XRP is currently trading at $2.37, having dropped about 10% in the last 24 hours. Whether there is a liquidity rotation between XRP and Dogecoin in the current bullish cycle remains to be seen.
DYOR! #Write2Win #Write&Earn $DOGE
