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Dogecoin Surges Ahead: Is Bitcoin’s Reign Coming to an End?

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Dogecoin Surges Ahead: Is Bitcoin's Reign Coming to an End?

Investors are increasingly focusing on meme coins, with Dogecoin (DOGE) emerging as a prominent player. The DOGE/BTC trading pair is currently stuck between two confluence levels, as the broader crypto market generally moves sideways.

Navigating the Confluence Levels

The immediate support for the DOGE/BTC pair is a confluence formed by the 200-day Exponential Moving Average (EMA) in purple and the ascending trendline. On the upside, the pair faces resistance at another confluence, created by the 20-day EMA in blue and the 50-day EMA in red. Sideways trading will continue until the pair breaks either side of this narrow range.

Potential for a Breakout

Despite the current sideways movement, Dogecoin shows the potential to gain significant ground against Bitcoin. As the DOGE/BTC value gains momentum, the cryptocurrency’s potential to hit record highs significantly increases. Traders eyeing a larger move in Dogecoin’s price can watch for a rebound from the trend line and the 200-day EMA.

Key Resistance Levels

The journey towards Dogecoin’s all-time high of $0.7316 may encounter some hurdles. Traders should keep an eye on the 0.000026 and 0.00003 resistance levels, as they could pose challenges for Dogecoin’s price action.

Bitcoin’s Uncertain Outlook

Meanwhile, Bitcoin (BTC) is having a difficult time shaping its bullish outlook. The recent uptick, sparked by the hype surrounding the Ethereum ETFs approval, pushed BTC to $72,000. However, a correction followed, amid increasing volatility and the lack of confidence in the uptrend among investors.

Potential for a Bitcoin Rally

Despite the current sideways movement, the crypto market may become more volatile as the United States releases inflation data on personal consumption expenditure (PCE). This data will provide insights into the Federal Reserve’s anticipated moves on interest rates. If Bitcoin can break above the $70,000 mark, it could ignite a Fear of Missing Out (FOMO) among investors, potentially leading to a rally towards $80,000.

Navigating Market Uncertainties

Bitcoin’s price currently sits at $68,723, maintaining a 0.8% increase in the last 24 hours. The cryptocurrency has rebounded from the support at $67,000 several times this week. If the correction continues, this level will likely absorb the selling pressure, although a further drop to $65,000 is possible.

Read Also: Dogecoin Price Analysis: DOGE Stalls While Meme Coin Rivals Shine; Here’s Why

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