Dogecoin Nears Inflection Point Against Bitcoin
Dogecoin (DOGE) has been showing signs of bullish momentum according to prominent crypto trader and analyst Josh Olszewicz (@CarpeNoctom). In a recent post on X, he noted that the DOGE/BTC pair might be nearing an inflection point. The pair has been in a long-standing downtrend against Bitcoin's dominance.
However, when the DOGE/BTC pair bottoms out and begins to reverse, it often acts as a canary in the coal mine for broader altcoin market rallies. Olszewicz implies that Dogecoin needs to establish a higher low or break out of its multi-year descending channel to regain its mojo.
The DOGE/BTC pair is currently compressing into a tight range, with levels last seen right before the massive 2021 breakout. There has been a significant tightening of the weekly candles, and periods of prolonged volatility compression often precede explosive expansion.