DOGE/BTC Pair Breakout Could Drive Dogecoin Price Up 200%
Dogecoin rose 20% after President-elect Donald Trump announced the creation of a Department of Government Efficiency (DOGE) helmed by Elon Musk and Vivek Ramaswamy. Dogecoin has risen 250% in 30 days, beating Bitcoin's 40% rise.
DOGE/BTC broke over a declining trendline due to Dogecoin's price outperformance vs Bitcoin. Crypto researcher predicts a huge DOGE/BTC breakthrough for Dogecoin.
Analysts predict a 200% Dogecoin price increase
Recent crypto expert study of the DOGE/BTC trading pair showed a positive future for Dogecoin. The analyst's price chart shows the Dogecoin/Bitcoin pair falling since the first half of 2021. This downward path has seen lower highs and lows, creating a higher-timeframe channel decline. Recently, the pair broke the upper trendline.
The last time this happened was early 2021, before the amazing 175% rise that sent Dogecoin to its all-time high of $0.7316. Dogecoin's price trend shows similar velocity, predicting another quick 175% gain.
Recent market circumstances, Dogecoin's resiliency, and increased attention from Donald Trump and Elon Musk's DOGE department have created a promising rally scenario, analysts said.
"With the way the market has moved recently, and how strong Dogecoin has shown after Trump was elected and Elon started pushing again, I wouldn't be surprised to see something similar here," he said.
Analsyt notes an intriguing accumulation tendency in the 48 hours after the Dogecoin price breakout over Bitcoin, in addition to technical analysis. DOGE/BTC is stabilizing inside a range after taking a pause.
His observation that Dogecoin's accumulation phase is just over the upper timeframe resistance level bodes well for its next bullish advance. This accumulating tendency has launched rallies before, and it may again.
KALEO's positive prognosis for Dogecoin vs Bitcoin is supported by the crypto market. Since Bitcoin is expected to rise, Dogecoin is expected to outperform and soar higher.
$DOGE