Dogecoin price had one of the most profitable Novembers in its history, rising more than 150% in the last 30 days. However, the meme coin's performance has slowed down a bit over the past week, struggling to reach the psychological level of $0.45.
However, a popular x platform analyst has said that Dogecoin price will not consolidate, with a bullish breakout on the horizon. In fact, the meme token is touted to surpass bitcoin, the world's largest cryptocurrency by market cap.
This is how Dogecoin could overtake bitcoin
In a recent post on Platform <a target="_blank" href="https://x.com/ali_charts/status/1862986715738059228″ target=”_blank”>introduce a bullish forecast for the price of Dogecoin against the price of bitcoin over the coming months. According to the expert, the meme coin will surpass the main cryptocurrency by a whopping 2,400%.
The reason behind this projection is the formation of a bullish flag pattern on the Dogecoin price chart on the monthly period. A bullish flag pattern is a technical analysis pattern characterized by a period of strong upward price movement (the flagpole) and a short period of consolidation or slight downward trend (the flag).
Typically, the formation of a bull flag serves as a strong signal of continuation of an uptrend in prices. However, a price breakout from the flag (or consolidation range) is a prerequisite to confirm the continuation of the uptrend.
As seen in the chart above, the price of Dogecoin against bitcoin has been moving mostly sideways since 2021. However, DOGE/btc appears to be breaking out of the consolidation range at the moment, suggesting the continuation of the current market trend.
According to Martínez, if the price of Dogecoin against btc successfully breaks the upper limit of the flag, it could be ready to skyrocket more than 2,400%. The target for this projection was calculated using the initial flagpole as a template, as the break typically replicates its length.
Ultimately, this would boost the value of DOGE against btc from the current level of 0.0000043 to an unprecedented 0.00009375. Such a large Dogecoin rally would also support the numerous predictions of an altcoin season before the end of the current cycle.
DOGE price at a glance
At the time of writing, Dogecoin is valued at $0.4246, reflecting an increase of just 1.2% in the last 24 hours. The price evolution of the meme coin is no less insignificant in the weekly period.
According to data from CoinGecko, the price of DOGE is down 1.7% in the last seven days. The meme token ranks as the seventh largest asset in the sector, with a market capitalization of $62 billion.
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Featured image from iStock, chart from TradingView
