A Twitter-popular crypto analyst believes that meme cryptocurrency Dogecoin (CRYPTO: DOGE) is poised to outperform apex cryptocurrency Bitcoin (CRYPTO: BTC).
What Happened: The Crypto Dog, who has almost 566,000 followers on Twitter, said he is seeing a positive technical signal that could likely trigger Dogecoin’s next rally after the meme cryptocurrency touched a level of $0.23908 earlier this week.
I shaved some good profits at the top now half of my feed is talking about risking off but I’m kinda thinking about buying, chart looks like how it’s supposed to look after a break out like that right?
— The Crypto Dog📈 (@TheCryptoDog) August 9, 2021
See also: How To Buy Dogeoin (DOGE)
The trader also said that Terra (CRYPTO: LUNA) has been on a strong uptrend since July and is accelerating to fresh highs.
— The Crypto Dog📈 (@TheCryptoDog) August 10, 2021
Terra is a decentralized finance (DeFi) payment network made specifically for transferring stablecoins. Luna is the native cryptocurrency to Terra’s platform.
Why It Matters: Dogecoin’s year-to-date gains are an impressive 4,443.7%. However, the Shiba Inu-themed cryptocurrency is down 64.9% from its all-time high of $0.7376 reached in May and is now in seventh place in terms of market capitalization, as per CoinMarketCap data.
Luna’s year-to-date gains stand at 2,534.6% and it is the 24th-largest cryptocurrency in terms of market capitalization. The altcoin is down 24% from its all-time high of $22.33 reached in March.
Price Action: Dogecoin is up 10.7% during the last 24 hours, trading at $0.2870 at press time, while Luna is up 1.1% over the 24-hour period to $17.13.