Dogecoin Bullish Takeover: DOGE To Outperform Bitcoin By 2,400% — Here’s How
The price of Dogecoin has experienced one of the most profitable Novembers in history, surging more than 150% in the past 30 days. However, Performance of meme coins There has been some slowdown over the past week, struggling towards the psychological level of $0.45.
However, a popular analyst on the X platform says that Dogecoin’s price will not be consolidating and a bullish breakout is imminent. In fact, meme tokens are being touted to surpass Bitcoin, the world’s largest cryptocurrency by market capitalization.
Dogecoin could outperform Bitcoin
In a recent article published by X Platform, well-known analyst Ali Martinez propose Bullish predictions for Dogecoin price relative to Bitcoin price in the coming months. According to authoritative sources, Meme coin will outperform major cryptocurrencies by 2,400%.
The rationale behind this prediction is the formation of a bull flag pattern on the Dogecoin price chart on the monthly time frame. A bull flag pattern is a technical analysis pattern characterized by a period of sharp price increases (the flagpole) and a brief period of consolidation or a slight downtrend (the flag).
Typically, the formation of a bull flag is a strong continuation signal of an upward price trend. Nonetheless, price breaking out of the flag (or consolidation range) is a prerequisite to confirm the continuation of the uptrend.
As shown in the chart above, Dogecoin’s price has been trading sideways against Bitcoin since 2021. However, Dogecoin/Bitcoin currently appears to be breaking out of its consolidation range, suggesting that the current market trend is here to stay.
Martinez said that if the price of Dogecoin against BTC manages to break out of the flag cap, it could surge by more than 2,400%. The projection’s target is calculated using the initial flagpole as a template, since the breakout usually replicates its length.
Ultimately, this will push the value of DOGE against BTC from the current 0.0000043 to an unprecedented 0.00009375. Such a huge Dogecoin rally will also support many Predictions for the altcoin season before the end of the current period.
DOGE Price List
As of this writing, Dogecoin is valuable The price is at $0.4246, up just 1.2% in the past 24 hours. Memecoin price performance is equally unimportant on the weekly timeframe.
According to data from CoinGecko, the price of DOGE has fallen by 1.7% in the past seven days. Meme tokens are the seventh largest asset in the industry, with a market capitalization of $62 billion.
Featured image from iStock, chart from TradingView
