Simply putThe historical chart reveals the ten-year correlation between the price trends of Dogecoin and XRP.Compared with other counterfeit currency markets, the price of Dogecoin is US $0
Simply put
- The historical chart reveals the ten-year correlation between the price trends of Dogecoin and XRP.
- Compared with other counterfeit currency markets, the price of Dogecoin is US $0.07, which is relatively small after XRP defeated SEC.
- The increase in average coin age indicates that DOGE can catch up with the upward trend of XRP in the coming weeks.
The historical chart reveals the ten-year fractal correlation between the price trends of Dogecoin (DOGE) and XRP. Following the recent 80% price increase of XRP, on chain data analysis suggests that DOGE may once again move in the same direction.
In the past week, XRP outperformed Dogecoin and Almost all other Cryptocurrency in the top 10. Although the Dogecoin recently corrected by 3%, falling below the key support level of US $0.070, the historical trend shows that the Dogecoin bulls may seize control at any time.
There is a historical price correlation between DOGE and XRP
Dogecoin and XRP have shown obvious fractal correlation in the past nine years. The following Trading view chart shows that although the intensity varies, the trends of DOGE and XRP are often the same.
As shown above, the small fluctuations of Dogecoin and XRP prices have repeatedly formed a similar pattern between 2014 and 2023.
If history repeats itself, DOGE may break the current 3% downward trend and rise to $0.08 in the coming weeks.
The long-term investors of Dogecoin are steadfast
In addition, the bullish sentiment of long-term holders of Dogecoin currently supports the effectiveness of fractal. According to Santiment, the average age of DOGE coins has been on the rise since July.
Obviously, from July 1 to July 17, the average age of Dogecoin increased by 22%, from 55151 to about 63131.
The average currency age measures the level of trading sentiment among long-term investors. It is calculated by calculating the average number of days spent on coins in circulation in their current wallet address.
As it gradually rises, as shown in the figure above, it indicates that long-term investors are seeking to hold future returns.
In conclusion, if more investors buy the XRP amendment of Dogecoin, long-term holders may continue to double their positions. Therefore, the price of DOE this week may be a noteworthy issue in the memecoin field.
DOE Price Forecast: Focus $0.08?
Considering the double-digit increase in XRP over the past week, DOGE must retest the $0.08 range to maintain 9-year trend correlation.
However, bulls currently face major obstacles within the $0.078 range. In the region, 600000 investors bought 40.22 billion Dogecoin at an average price of US $0.078. If they choose to book profits, they may result in ineffective price related trends for DOGE and XRP.
But if bulls can overcome this obstacle, DOGE may rise to $0.082 as expected.
However, if DOGE manages to reduce its scale to below $0.060, bears may immediately invalidate the fractal. However, 266290 investors who bought 4.92 billion Dogecoin at an average price of US $0.059 will seek to stop the decline.
Although unlikely, if the support level is not maintained, DOGE may fall towards $0.055.
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