2024-12-01 10:30:50 by NewsBTC

The price of Dogecoin had one of the most profitable Novembers in its history, surging by more than 150% over the past 30 days. However, the meme coin’s performance has somewhat slowed down in the past week, struggling to make a play for the psychological $0.45 level. However, a popular analyst on the X platform has said that the price of Dogecoin won’t be in consolidation, with a bullish breakout on the horizon. In fact, the meme token is being touted to outperform Bitcoin, the world’s largest cryptocurrency by market capitalization. Here’s How Dogecoin Might Outperform Bitcoin In a recent post on the X platform, prominent analyst Ali Martinez put forward a bullish prognosis for the price of Dogecoin against the Bitcoin price over the coming months. According to the pundit, the meme coin is set to outperform the premier cryptocurrency by a whopping 2,400%. The rationale behind this projection is the formation of a bull flag pattern on the Dogecoin price chart on the monthly timeframe. A bull flag pattern is a technical analysis pattern characterized by a period of steep upward price movement (the flagpole) and a short period of consolidation or slight downward trend (the flag). Typically, the bull flag formation serves as a strong continuation signal for an upward price trend. Nonetheless, a price breakout from the flag (or the consolidation range) is a prerequisite to confirming the continuation of the uptrend. Source: Ali_charts/XAs observed 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 Martinez, if the price of Dogecoin against BTC successfully breaks the upper boundary of the flag, it might be ready to soar by more than 2,400%. The target of this projection was calculated using the initial flagpole as a template, as the breakout usually replicates its length. Ultimately, this would push the value of DOGE against BTC from the current level of 0.0000043 to an unprecedented 0.00009375. A Dogecoin rally this huge would also support the numerous predictions of an altcoin season before the end of the current cycle. DOGE Price At A Glance As of this writing, Dogecoin is valued at $0.4246, reflecting a mere 1.2% increase in the past 24 hours. The price performance of the meme coin is not any less insignificant on the weekly timeframe. According to data from CoinGecko, the price of DOGE is down by 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. The price of Dogecoin on the daily timeframe | Source: DOGEUSDT chart on TradingViewFeatured image from iStock, chart from TradingView Opeyemi Sule Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it. Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.