- Analyst highlights XRP’s strong bullish breakout against Dogecoin’s weaker momentum, suggesting distinct market dynamics.
- Dogecoin’s near-term growth depends on surpassing key resistance levels, with the potential long-term benefits of launching an ETF.
Alan Santana, crypto analyst note for his information on TradingView, shared a detailed comparison between Dogecoin (DOGE) and XRP. Santana talks about Dogecoin’s current trajectory and its future possibilities while highlighting the two assets’ different technical performance.
XRP Bullish Breakthrough Compared to Dogecoin Performance
XRP showed a strong bullish breakout in November, indicating a definitive break from its bearish phase, Santana observes. Strong optimistic momentum combined with a monthly close above resistance defined the breakout.
On the other hand, Dogecoin also showed positive activity; November was the last of three consecutive green months. Santana nevertheless notes that Dogecoin’s November close fell below its resistance level, indicated on the chart by a key green line.
Despite a weaker high, this month’s price activity started positively, but it shows fluctuations in bullish strength compared to XRP.
Santana notes a fatigue in Dogecoin’s positive dynamics on the weekly scale. However, he considers that long-term development is really promising. However, short-term profitability seems to depend on Dogecoin’s ability to exceed a fundamental Fibonacci level at $0.474523 (0.618).
Should DOGE breaking this level would indicate ultra-bullish behavior and pave the way for more gains. On the other hand, failure to overcome this resistance could require a period of retracement or consolidation; The 0.5 Fibonacci level at $0.3933 provides instant support.
Meanwhile, at the time of writing, DOGE has changed hands around $0.4136up 3.65% over the last 7 days. Its market capitalization surpassing the $60 billion mark demonstrates its growing hype in the crypto market.
In addition, a report of CNF indicates growing speculation about the possibility of launching a Dogecoin ETF in 2025, thus strengthening the potential of this memecoin.
According to market analysts, DOGE’s market value would increase significantly if a Dogecoin ETF captured 30% of the total $30.8 billion net inflow currently experienced by Bitcoin ETFs.