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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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Is Dogecoin (DOGE) price rally imminent?
Historical trends and market dynamics point to a possible DOGE price rally. The Twitter account Negentropic, owned by Glassnode co-founders Yann Allemann and Jan Happel, made an interesting observation about the relationship between the Nasdaq-100 index (NDX) and Bitcoin (BTC).
According to the tweet, historical data shows that whenever NDX experiences a slowdown like now, crypto tends to rise, signaling a return to higher-risk assets. Renowned crypto analyst Chris Burniske, who previously led the crypto division of ARK Invest, also joined the discussion.
Burniske echoed Negentropic's observation and expanded the potential lineup of high-risk asset rotation, noting that it could include a move from NDX to Bitcoin, Ethereum (ETH), Solana (SOL), Dogecoin (DOGE) and eventually NFTs.
DOGE price review
Recently, DOGE has been falling in value, hitting its lowest point since June 2022 at $0.0623 per coin. DOGE's price could face a major test if the ongoing downturn in the crypto market continues.
The critical level to watch is $0.048, which represents the lower end of the current price range this coin is navigating. If the altcoin breaks this key support level, it will hit a two-year low.
On the one hand, the altcoin has room to fall even after almost two months of continuous decline. On the other hand, it would be very easy and obvious for the price to drop there right now. A new hopeful recovery, followed by a brutal crash that wipes out deposits from overly optimistic investors, would therefore be more in line with the spirit of the crypto market. As a result, the coming weeks will be very important for DOGE owners.
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