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Bitcoin (BTC) Price Volatility, Bullish Dogecoin (DOGE) Predictions, and More: Bits Recap Dec 24
In recent news, the cryptocurrency market has been plagued by a correction, with many assets seeing significant declines. Among those affected is Bitcoin (BTC), which has experienced extreme volatility. The current bearish trend is a clear indication that investors should remain cautious.
Meanwhile, Dogecoin (DOGE) has also suffered from the correction, plummeting 20% in the past week to around $0.32. Despite this decline, Martinez believes that DOGE could be on the cusp of a massive price explosion. According to his forecast, DOGE will soon return to its parabolic run and surge exponentially, similar to previous instances where it rose by 5,000% following retractions.
It’s essential to keep in mind that such an immense growth would require DOGE’s market capitalization to increase dramatically, exceeding $5.5 trillion. As of now, the total crypto capitalization stands at less than $3.5 trillion, making such a prediction quite challenging (to say the least).
SHIB Performance
As for Dogecoin’s biggest rival, Shiba Inu (SHIB), it has underperformed significantly, dropping 17% over the past seven days and currently with a market capitalization of approximately $13.2 billion.
According to Rose Signals Premium, SHIB has been displaying signs of strength in recent times. It set targets for price support at $0.00002139 – $0.00001939, an initial goal of $0.00002715, which would require a 20% increase from the current valuation, and intermediate resistance levels at $0.00003083 and major resistance at $0.00003511.
In conclusion, while DOGE may be on the brink of a massive price explosion according to some market observers, it is crucial to note that such an increase would require an enormous increase in capitalization exceeding $5.5 trillion, making such predictions quite challenging (to say the least).
Source: cryptopotato.com
