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The price of Dogecoin had one of the most profitable Novembers in its history, surging by more than 150% over the past 30 days. However, the meme coin’s performance has somewhat slowed down in the past week, struggling to make a play for the psychological $0.45 level.
However, a popular analyst on the X platform has said that the price of Dogecoin won’t be in consolidation, with a bullish breakout on the horizon. In fact, the meme token is being touted to outperform Bitcoin, the world’s largest cryptocurrency by market capitalization. Here’s How Dogecoin Might Outperform Bitcoin
In a recent post on the X platform, prominent analyst Ali Martinez put forward a bullish prognosis for the price of Dogecoin against the Bitcoin price over the coming months. According to the pundit, the meme coin is set to outperform the premier cryptocurrency by a whopping 2,400%. Related Reading Dogwifhat (WIF) Shines With 15% Rally In The Past Week — Is $2.8 The Next Stop? 3 weeks ago
The rationale behind this projection is the formation of a bull flag pattern on the Dogecoin price chart on the monthly timeframe. A bull flag pattern is a technical analysis pattern characterized by a period of steep upward price movement (the flagpole) and a short period of consolidation or slight downward trend (the flag).
Typically, the bull flag formation serves as a strong continuation signal for an upward price trend. Nonetheless, a price breakout from the flag (or the consolidation range) is a prerequisite to confirming the continuation of the uptrend. Source: Ali_charts/X
As observed in the chart above, the price of Dogecoin against Bitcoin has been moving mostly sideways since 2021. However, DOGE/BTC appears to be breaking out of the consolidation range at the moment, suggesting the continuation of the current market trend.
According to Martinez, if the price of Dogecoin against BTC successfully breaks the upper boundary of the flag, it might be ready to soar by more than 2,400%. The target of this projection was calculated using the initial flagpole as a template, as the breakout usually replicates its length. Ultimately, this would push the value of DOGE against BTC from the current level of 0.0000043 to an unprecedented 0.00009375. A Dogecoin rally this huge would also support the numerous predictions of an altcoin season before the end of the current cycle. DOGE Price At A Glance
As of this writing, Dogecoin is valued at $0.4246, reflecting a mere 1.2% increase in the past 24 hours. The price performance of the meme coin is not any less insignificant on the weekly timeframe. Related Reading Shiba Inu Could Increase 75% If It Holds Current Level – Analyst Shares Price Target 1 day ago
According to data from CoinGecko, the price of DOGE is down by 1.7% in the last seven days. The meme token ranks as the seventh-largest asset in the sector, with a market capitalization of $62 billion. The price of Dogecoin on the daily timeframe | Source: DOGEUSDT chart on TradingView
Featured image from iStock, chart from TradingView