Crypto analyst Jacob Canfield has raised the possibility of the Dogecoin price replicating the recent XRP rally. This came as the analyst highlighted similarities between Dogecoin’s recent price action and XRP’s.
Dogecoin Price To Replicate XRP Rally?
In an X post, Jacob Canfield suggested that the Dogecoin price could soon replicate the recent XRP rally. He stated that Dogecoin was trading similarly to XRP in the lower time frames. DOGE is holding former resistances as support and trading in a “pretty straightforward” way.
Based on this, the Dogecoin price could pull an XRP rally and witness massive gains like the one that XRP has recorded in the last couple of weeks. It is worth mentioning that Dogecoin witnessed a similar rally last month. Earlier in November, DOGE recorded a parabolic rally, which led to a gain of 161% in that month.
Since then, the Dogecoin price has consolidated around the $0.4 range, although it looks well-primed for another leg to the upside. Canfield’s accompanying chart showed that Dogecoin’s next leg up could take it above the $0.48 level. Meanwhile, he highlighted the $0.55 and $0.66 price levels as ones to watch out for, as that is where the 1.618 and 2.618 Fibonacci levels are, respectively.
DOGE On The Verge Of A Major Move
Crypto analyst Master Kenobi recently stated that the Dogecoin price was on the verge of a major move, further suggesti
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Author: Scott Matherson
