Dogecoin has had one of the highest profit months in its history this November, rising over 150% in the past 30 days. However, the performance of this meme coin has slowed down a bit in the past week, struggling to reach the psychological level of $0.45. Nevertheless, a prominent analyst on platform X has stated that the price of Dogecoin will not consolidate, with a bullish breakout imminent. In fact, this meme token is being touted as set to outperform Bitcoin, the largest cryptocurrency in the world by market capitalization.
How Dogecoin Could Outperform Bitcoin
In a recent post on platform X, renowned analyst Ali Martinez has predicted that the price of Dogecoin will rise against the price of Bitcoin in the coming months. According to this expert, this meme coin will outperform the leading cryptocurrency by 2,400%.
The basis for this forecast is the formation of a bullish flag pattern on the Dogecoin price chart on a monthly time frame. A bullish flag pattern is a technical analysis pattern characterized by a strong price increase (flagpole) followed by a short consolidation period or a slight downtrend (flag).
Typically, a bullish flag pattern serves as a strong continuation signal for an upward price trend. However, a breakout from the flag (or consolidation range) is a prerequisite to confirm the continuation of the upward trend.
As observed in the chart above, the price of Dogecoin against Bitcoin has mostly been sideways since 2021. However, DOGE/BTC appears to be breaking out of the consolidation range at the current moment, indicating that the current market trend continues.
According to Martinez, if the price of Dogecoin against BTC successfully breaks through the upper boundary of the flag, the price could soar over 2,400%. The target of this forecast is calculated using the initial flagpole as a template, as breakouts often replicate its length.
Ultimately, this will push the value of DOGE against BTC from the current level of 0.0000043 to an unprecedented level of 0.00009375. Such a significant Dogecoin price rally would also support many predictions about an altcoin season before the current cycle ends.
Overview of DOGE Price Overview
As of the time of writing, Dogecoin is priced at $0.4246, reflecting a mere 1.2% increase in the past 24 hours. The price performance of this meme coin is not insignificant in the weekly time frame.
According to data from CoinGecko, the price of DOGE has decreased by 1.7% in the past seven days. This meme token is ranked as the seventh largest asset in the industry, with a market capitalization of $62 billion.