A cryptocurrency analyst has unveiled bullish technical indicators for the popular dog-themed meme coin, Dogecoin, predicting the cryptocurrency has the potential to surpass the world’s largest cryptocurrency, Bitcoin.
Dogecoin shows signs of a bullish breakout
In a recent X (formerly Twitter) post, cryptocurrency analyst Kevin expressed optimism about Dogecoin’s near-term price prospects, predicting that the cryptocurrency has the potential to outpace Bitcoin’s gains by 2024. Sharing a Dogecoin vs. Bitcoin price chart, Kevin revealed that the doge-themed cryptocurrency is currently “consolidating in a golden pocket.”
The term refers to a specific price range or numeric percentage that represents an area of support or resistance, historically used to indicate a potential slow or aggressive uptrend.
According to Kevin, DOGE’s price is currently positioned “above the market moving averages (MAs) of all bullish uptrends.” This means that the cryptocurrency is currently remaining stable and showing resilience amid the current market volatility and fluctuations.
The analyst said that if Dogecoin succeeds in maintaining its current momentum, the cryptocurrency could rise to unprecedented heights, potentially surpassing Bitcoin.
According to data from CoinMarketCap, Bitcoin has surged by more than 143.64% since the beginning of the year. Prior to the halving event, in March, the cryptocurrency experienced an exponential rise that pushed its price to an all-time high of over $73,000. As of the time of writing, Bitcoin is also trading at $66,699, up $0.90 in the past 24 hours.
If Dogecoin manages to outperform the broader market Bitcoin, this could put the doggie-themed meme token among the top gainers in the cryptocurrency market in the second quarter of 2024.
DOGE Price Update
The price of Dogecoin has performed relatively well despite recent market volatility and low performance of Bitcoin and other top cryptocurrencies in the space. Following the meme coin mania in February and early March, several cryptocurrencies, including Dogecoin, saw significant gains.
However, as investor interest in memecoins waned and began to move into other cryptocurrencies, many tokens have retreated, plummeted and returned to lower values.
As of the time of writing, Dogecoin is trading at $0.16 with a 24-hour gain of 2.73%. The cryptocurrency has been on an upward trend since last week, with its value surging by 3.41%.
Dogecoin’s trading volume also saw a significant increase, up 5.21%, with total trading volume exceeding $110 million. Its market capitalization also increased by 2.74% to $2.33 billion.
