DOGE/BTC pair breakout could drive Dogecoin price up 200%
Dogecoin rose 20% after President-elect Donald Trump announced the creation of the Department of Government Efficiency (DOGE) led by Elon Musk and Vivek Ramaswamy. Dogecoin has risen 250% in 30 days, outperforming Bitcoin's 40% gain.
As Dogecoin's price outperformed Bitcoin, DOGE/BTC broke out of its descending trendline. Crypto researchers predict a huge DOGE/BTC breakout for Dogecoin.
Analysts predict a 200% rise in Dogecoin price
Recent research by crypto experts on the DOGE/BTC trading pair suggests a positive outlook for Dogecoin's future. The analyst's price chart shows that the Dogecoin/Bitcoin pair has been falling since the first half of 2021. This downward path has experienced lower highs and lower lows, forming a channel decline on higher time frames. Recently, the pair broke out of its ascending trendline.
The last time this happened was in early 2021, when Dogecoin hit an all-time high of $0.7316 with a staggering 175% gain. Dogecoin’s price trend shows a similar pace, and another quick 175% gain is expected.
Analysts say that recent market conditions, Dogecoin’s resilience, and the growing attention from Donald Trump and Elon Musk’s Dogecoin division have created a promising rebound scenario.
“Given the recent market action, and how strong Dogecoin has performed since Trump’s election and Elon started pushing again, I wouldn’t be surprised to see something similar here,” he said.
In addition to technical analysis, Analsyt noted that Dogecoin’s price has seen an interesting accumulation trend in the 48 hours since it broke above Bitcoin. DOGE/BTC has stabilized in a range after a pause.
He observed that Dogecoin’s accumulation phase just surpassed the resistance level on the upper timeframe, which bodes well for its next bullish move. This accumulation trend has sparked rallies before, and it could do so again.
KALEO’s positive prediction for Dogecoin versus Bitcoin is supported by the cryptocurrency market. As Bitcoin is expected to rise, Dogecoin is expected to outperform and surge $DOGE #Doge🚀🚀🚀
