Dogecoin's price has experienced one of the most profitable Novembers ever, soaring over 150% in the past 30 days. However, in the past week, the performance of this meme coin has slowed down, struggling to reach the psychological price level of $0.45.
However, a well-known analyst on platform X stated that Dogecoin's price will not consolidate and a bullish breakout is imminent. In fact, this meme token is touted to surpass Bitcoin, which is the largest cryptocurrency by market capitalization.
The reasons why Dogecoin may surpass Bitcoin are as follows
In a recent article on platform X, renowned analyst Ali Martinez made an optimistic prediction about Dogecoin's price relative to Bitcoin in the coming months.
This expert claims that Dogecoin's performance will exceed Bitcoin by 2400%. The principle behind this prediction is that the price chart of Dogecoin has formed a bullish flag pattern over the monthly time frame.
Typically, bullish flag patterns are strong continuation signals of an upward price trend. However, a price breakout from the flag pattern (or consolidation range) is a prerequisite for confirming the continuation of the upward trend.
As shown in the above chart, since 2021, the price of Dogecoin against Bitcoin has been consolidating. However, DOGE/BTC currently seems to be breaking out of the consolidation range, indicating that the current market trend will continue.
Martinez stated that if the price of Dogecoin against Bitcoin successfully breaks through the upper boundary of the flag, it could rise more than 2,400%. The target of this prediction is calculated using the initial flagpole as a template since breakouts typically replicate the length of the flagpole.
Ultimately, this will lift Dogecoin's value against Bitcoin from the current 0.0000043 to an unprecedented 0.00009375. Such a massive surge in Dogecoin will also support numerous predictions of an altcoin season before the current cycle ends.
DOGE Price Overview
As of the writing of this article, Dogecoin's price is $0.4246, having risen only 1.2% in the past 24 hours. From a weekly perspective, Dogecoin's price performance is also impressive.
According to data from CoinGecko, DOGE's price has dropped 1.7% in the past seven days. This meme token is the seventh-largest asset in the field, with a market capitalization of $62 billion.
