According to an analyst, these two cryptocurrencies could be on the verge of a bullish rally
A popular cryptocurrency analyst has said that the price of Cosmos (ATOM) and the cryptocurrency meme Dogecoin (DOGE) they could experience an “explosive” rally in the near future as interest in altcoins picks up.
Pseudonymous cryptocurrency analyst Kaleo has shared a chart with his more than 500,000 followers on the microblogging platform Twitter detailing that Cosmos, which plans to become an interoperable blockchain ecosystem, will see an “explosive” rally once it exits. your range when trading against Bitcoin (BTC).
The analyst also took a look at Dogecoin, the meme-inspired cryptocurrency backed by Tesla and the CEO of Space X, Elon Musk. The cryptocurrency saw its price rise after Musk completed his takeover of Twitter. Musk’s support for cryptocurrency has included his electric car maker, Tesla, which accepts DOGE payments for merchandise.
According to Kaleo, DOGE could soon rally to the $0.20 level, from around $0.11 where it is currently trading.
In particular, the main cryptocurrency exchange Binance, which invested $500 million to back Musk acquisitionrecently launched a ‘Bluebird Index’, which is a cryptocurrency index that tracks the performance of its own native token, BNB, as well as that of Dogecoin (DOGE) and a little-known cryptocurrency called Mask Network (MARK).
The name and components of the index drew attention on social media, with several users claiming that Binance is hinting at the coins that will be part of a future Twitter integration in Web3.
During a press conference at the 2022 Web Summit in Lisbon, Binance’s CEO detailed that the firm is a “minority investor” that wants to be “as supportive as possible” of Twitter. CZ added that in conversations with Musk, he mentioned the use of Dogecoin on the microblogging platform.
as reported cryptoreport, DOGE search interest exploded before a 10,000% price rally last year, with influencers associated with the WallStreetBets subreddit calling for the meme cryptocurrency to rise to $1 as part of the reason for the search explosion, alongside with jokes made by Tesla CEO Elon Musk around cryptocurrency. The price of DOGE has since plummeted.
