Central Banks Buying Gold in Record Numbers

Most folks have completely missed the fact that the world's Central Banks have been quietly gobbling up as much gold as they can... Stacking it in their locked vaults on pallets in record numbers. Find out why right here (and see what you can do to get in too with just a few dollars).

Dogecoin Could Outperform Bitcoin Thanks To Consolidation In The Golden Pocket, Says Trader: 'This Is A Very Good Sign'

Benzinga Neuro
April 23, 2024

Crypto trader Kevin has shared his bullish outlook on Dogecoin’s (CRYPTO: DOGE) performance against Bitcoin (CRYPTO: BTC), noting the cryptocurrency’s consolidation in the golden pocket and its position above all bull market up trending moving averages.

What Happened: On Tuesday, Kevin, formerly known as OG_Yomi On X, posted his analysis of the #Dogecoin vs #BTC chart. He observed that Dogecoin is currently consolidating in the golden pocket while sitting above all bull market up trending MA’s. He expressed optimism about Dogecoin’s potential to outperform Bitcoin if it can maintain its current position.

See Also: Bitcoin Halving, Elon Musk’s Dogecoin Tweet, Solana’s Rise And More: This Week In Cryptocurrency

Notably, Dogecoin has already outperformed Bitcoin in terms of year-to-date gains. The meme coin has given 82.8% gains so far in 2024, while Bitcoin has returned 57.5% in the same period.

Why It Matters: Kevin’s tweet comes in the wake of a recent Benzinga article in which Yomi shared his insights on Dogecoin’s anticipated Golden Cross. Despite two consecutive red weeks causing a slight deviation, the cryptocurrency is still several weeks of upward price action away from achieving this bull market milestone.

Moreover, a pseudonymous cryptocurrency trader, Vapor, recently predicted that at least three meme coins will achieve a market cap above $100B, as noted in a Benzinga report. This growing prominence of meme coins in the digital asset space underscores Kevin’s bullish outlook on Dogecoin.

Price Action: At the time of writing, Dogecoin traded 1.9% higher at $0.16, while Bitcoin was down by 0.2% at $66,613.80, according to data from Benzinga Pro.

Photo Courtesy: Shutterstock.com

Read Next: Dogecoin And Elon Musk In One Animation But This Trader Suggests To Short DOGE At $0.18 To $0.20

Engineered by Benzinga Neuro, Edited by Shivdeep Dhaliwal

The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.

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