#2024WithBinance
DOGE Could Overtake Bitcoin Soon, Analysis Reveals:
DOGE/BTC breakout signals bullish momentum, with the pair eyeing a move higher towards 0.000014 as consolidation ends.
Money Flow Index (MFI) at 70.70 suggests increasing buying pressure and reinforces potential for Dogecoin to reach $1.
Dogecoin trades above the 20 and 50 EMAs, confirming bullish sentiment, but failure to sustain the trend could send DOGE to $0.32.
The Dogecoin (DOGE) vs Bitcoin (BTC) chart has shown an intriguing signal on the monthly timeframe, indicating that the memecoin may be poised for a fresh price surge. Historical analysis reveals a consistent pattern: whenever Bitcoin’s price drops against DOGE, the memecoin tends to reach new highs.
Dogecoin is currently trading at $0.44 and is 40% away from reaching its all-time high. However, with the current outlook, the cryptocurrency could be on the verge of breaking above this level.
Dogecoin Remains Strong Against BTC
A look at the DOGE/BTC chart shows the formation of a bull flag. A bull flag is a classic continuation pattern in an uptrend, characterized by a brief period of consolidation followed by a sharp rise in price.
On a chart, a bull flag usually takes the form of a narrowing triangle or rectangle (flag), reflecting declining trading volumes as market participants consolidate their positions. When the range narrows, a breakout occurs, known as a bull pennant, which usually propels the price higher, confirming the continuation of the trend.
