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Dogecoin price recently surged 20% after President-elect Donald Trump announced the formation of a new Department of Government Efficiency (DOGE) that will be led by Elon Musk and Vivek Ramaswamy. Interestingly, Dogecoin has risen approximately 250% in the last 30 days, far outpacing bitcoin's 40% rise in the same time period.
This Dogecoin Price Overperformance Against the price of bitcoin has seen the DOGE/btc pair break out of a descending trend line. In particular, crypto analyst KALEO forecasts substantial gains for Dogecoin against bitcoin, noting a significant breakout in the DOGE/btc pair.
Analyst Says 175% Dogecoin Price Rise May Be on the Horizon
Cryptoanalyst KALEO highlighted a promising outlook for Dogecoin price with his recent <a target="_blank" href="https://x.com/CryptoKaleo/status/1856721837037637904″ rel=”nofollow”>analysis of the DOGE/btc trading pair. According to the price chart shared by the analyst, the Dogecoin/bitcoin pair has been on a downward trend since the first half of 2021. This downward trajectory has been filled with lower highs and lower lows, leading to the creation of a downtrend channel at a higher level. term (HTF). However, the recent performance saw the pair break out of the upper trend line.
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Interestingly, the last time this happened was in early 2021, just before the crazy 175% rally that saw Dogecoin price rise to the current all-time high of $0.7316. He noted that Dogecoin's current price movement reflects similar momentum, suggesting that another rapid 175% rally could be imminent.
KALEO emphasized that recent market conditions, Dogecoin's resilience, and growing interest coming from Donald Trump and Elon Musk's DOGE department have contributed to a favorable setup for a possible rally.
“With the way the market has moved recently and how much strength Dogecoin has shown after Trump was elected and Elon started pushing again, I wouldn't be surprised to see something similar here,” he said. <a target="_blank" href="https://x.com/CryptoKaleo/status/1856721837037637904″ rel=”nofollow”>commented.
Dogecoin Accumulation Points to Continued Price Rising
In addition to the technical analysis of the Dogecoin price breakout above bitcoin, KALEO also points out an interesting accumulation trend in the last 48 hours after the breakout. As it stands, the DOGE/btc pair appears to be taking a breather and is now consolidating within a range.
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He noted that the current accumulation phase is taking place just above the higher time frame resistance level, laying a solid foundation for Dogecoin's next bullish move. This accumulation trend has served as a launching pad in previous rallies and could repeat itself soon as well.
The broader crypto market landscape also supports KALEO's bullish prediction for Dogecoin vs. bitcoin. Not only is Dogecoin poised to continue outperforming Dogecoin, but Dogecoin rally projected will be more pronounced considering that the price of bitcoin is also plans to continue rising.
At the time of writing, Dogecoin is trading at $0.401, while bitcoin is trading at $90,800.
Featured image created with Dall.E, chart from Tradingview.com
