Dogecoin (DOGE ) Could Mirror XRP’s Big Breakout Rally and Explode to $0.13

• Despite a weekly death cross between the 50 and 200 MAs, Dogecoin price actions show the bulls could soon take over.

• Bitcoin dominance has been declining, which is largely taken as an indicator of an incoming altcoin rally.

The Dogecoin (DOGE) market could soon pull a similar breakout to XRP after experiencing a possible fakeout liquidation that yielded a rebound in the last two months. Currently retesting a crucial support/resistance level around $0.069, the top meme coin and the second largest Proof-of-Work (PoW) secured blockchain could record a bullish breakout, and rally beyond 100 percent in the near term.

The Dogecoin market is largely speculative with few network developments taking place compared to Ethereum-based Shiba Inu, which is preparing to launch its layer two scaling solution dubbed Shibarium network.

Nonetheless, the Dogecoin market is heavily bolstered by the world’s known richest man and tech innovator Elon Musk. Despite being charged with Dogecoin price manipulation, Musk has remained steadfastly supportive of the DOGE‘s prosperity. Having acquired Twitter late last year for a whopping $44 billion, Musk could easily integrate DOGE as a form of payment on the social media platform and give it real-world utility.

Dogecoin (DOGE) Market Outlook 

The Dogecoin market has generally remained calm YTD and could soon experience the XRP-induced bullish outlook. Notably, the Dogecoin network has amassed more than 5.8 million holders who have facilitated about 156,561,675 on-chain transactions as of Wednesday. A significant portion of Dogecoin is still controlled by the miners who currently have a total hash rate of about 720.33 (TH/s). 

Resultantly, the Dogecoin network with a mining difficulty of about 10.75 (M) has seen its market capitalization hold about $10 billion, thus classified as a medium-cap altcoin. Additionally, the Litecoin and Bitcoin derivative altcoin had a daily traded volume of about $350 million.

The Dogecoin market is expected to grow exponentially in the coming years, especially after the SEC vs Ripple Judgment ruling provided more crypto clarity in the United States. Moreover, more regulators have been calling for the judgment ruling to be passed as a digital asset law following the findings.

Nonetheless, Dogecoin was never likely to be classified as a security since there was no ICO to raise funds from its sales. Instead, Dogecoin miners are rewarded for securing the network and confirming trades. Currently, almost all centralized and decentralized exchanges offer Dogecoin for trading, which significantly exposes the meme coin to more crypto traders.

Price Action

According to a popular cryptocurrency analyst Michaël van de Poppe, Dogecoin price could record a similar explosive breakout like XRP in the near future, following a mirrored price action in the recent past.” the analyst highlighted:

We’re on the edge of having a runner to maybe $0.15 to $0.18 on DOGE.

The Dogecoin bullish outlook is also supported by the presence of a possible double bottom on the weekly chart and rising divergence on the RSI indicator.

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