The price of Dogecoin had one of the most profitable Novembers in its history, rising more than 150% over the past 30 days. However, the meme’s performance has slowed somewhat in the past week, as it struggles to reach the psychological level of $0.45.
However, one popular analyst on X platform said that Dogecoin price will not be consolidating, with an upward breakout on the horizon. In fact, the meme is being touted to overtake Bitcoin, the world’s largest cryptocurrency by market capitalization.
Here’s how Dogecoin could outperform Bitcoin
In a recent post on the X platform, prominent analyst Ali Martinez said Subtract Bullish forecast for Dogecoin price versus Bitcoin price in the coming months. According to the pundit, the meme coin is set to outperform the leading cryptocurrency by a whopping 2,400%.
The rationale behind this projection 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 upward price action (the flagpole) and a short period of consolidation or slight downward trend (the flag).
The formation of a bull flag is usually a strong continuation signal of an upward price trend. However, a price breakout from the flag (or consolidation range) is a prerequisite to confirm the continuation of the uptrend.
As shown in the chart above, the price of Dogecoin versus Bitcoin has been moving mostly sideways since 2021. However, DOGE/BTC appears to be exiting the consolidation range at the moment, indicating a continuation of the current market trend.
According to Martinez, if the Dogecoin/BTC price manages to break through the upper border of the flag, it could be ready to rise by more than 2,400%. The target for this projection was calculated using the initial flagpole as a template, as a breakout usually repeats its length.
Ultimately, this will push the value of DOGE versus BTC from the current level of 0.0000043 to an unprecedented level of 0.00009375. A Dogecoin rally of this magnitude would also support many 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 an increase of just 1.2% over the past 24 hours. The price performance of the meme coin is no less important on the weekly time frame.
According to CoinGecko data, the price of DOGE has fallen by 1.7% in the past seven days. The meme token ranks as the seventh largest asset in the sector, with a market capitalization of $62 billion.
Featured image from iStock, chart from TradingView
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