The Dogecoin (DOGE) vs Bitcoin (BTC) chart has shown an interesting signal on the monthly timeframe, suggesting that the meme coin may be ready for a price surge. Historical analysis reveals a consistent pattern: whenever Bitcoin’s price falls relative to Dogecoin, the latter tends to rise, reaching new highs.
At the time of publication, Dogecoin is priced at $0.44 and is 40% away from hitting its all-time high. However, with the current outlook, the cryptocurrency may be poised to surpass this level.
Dogecoin Remains Strong Against No. 1 Coin
Looking at the DOGE/BTC chart shows a bull flag formation. A bull flag is a classic uptrend continuation pattern, characterized by a short period of bearish consolidation followed by a sharp rise in price.
On the chart, a bull flag often takes the form of a narrow triangle or rectangle (flag), reflecting declining trading volumes as market participants lock in their positions. Once the range narrows, a breakout – known as a bull flag – typically occurs, pushing the price higher and confirming the continuation of the uptrend.
As shown above, the Dogecoin vs Bitcoin chart shows that the meme coin has broken out of the consolidation period, with the pair now trading at 0.0000042. If the trend continues at zero, the DOGE/BTC pair could erase zero and head towards 0.000014.
Moreover, the 4-hour DOGE/USD chart reinforces the bullish outlook, as the Money Flow Index (MFI) rose to 70.70. The MFI measures the flow of capital into the cryptocurrency, providing insights into market momentum.
A rising MFI indicates increased buying pressure, while a falling MFI indicates selling dominance. A rising MFI for Dogecoin indicates increased demand, which could fuel speculation towards the $1 mark.
Cryptocurrency analyst Rekt Capital also supports this bullish outlook, highlighting Dogecoin’s retest of the upper boundary of the ascending triangle on the daily chart. According to the analyst, this technical move suggests that a major breakout is imminent.
“Dogecoin has followed all of Bitcoin so far. Now it is retesting the top of the ascending triangle as support. A successful retest here is necessary to precede a confirmed breakout,” Rect Capital noted.
DOGE Price Prediction: Still Bullish
On the daily chart, Dogecoin price is trading above the 20 and 50 period exponential moving averages. The exponential moving average is a technical indicator that measures the trend around the cryptocurrency.
When the price is above the EMAs, the trend is bullish. On the other hand, if the price is below the trend, the trend is bearish. Therefore, Dogecoin price may continue to rise and may reach $0.48 in the short term.
If verified, the meme coin could rise to $1 as long as the Dogecoin vs Bitcoin chart remains in an uptrend. On the other hand, if DOGE vs BTC falls, this may not happen. In this case, the meme coin could drop to $0.32.