The price of Dogecoin had one of the most profitable Novembers in its history, increasing by over 150% in the last 30 days. However, the meme coin’s performance has slowed somewhat over the past week, struggling to reach the psychological $0.45 level.
However, a popular X platform analyst said that Dogecoin price will not be in consolidation, with a bullish breakout on the horizon. In fact, the meme token is expected to surpass Bitcoin, the world’s largest cryptocurrency by market capitalization.
Here’s how Dogecoin could outperform Bitcoin
In a recent article on Platform According to the expert, the meme coin is expected to outperform the leading cryptocurrency by 2,400%.
The rationale for this projection is the formation of a bullish flag pattern on the Dogecoin price chart on a monthly time frame. A bull flag pattern is a technical analysis pattern characterized by a period of strong price rise (the flagpole) and a short period of consolidation or slight downtrend (the flag).
Typically, the formation of a bull flag is a strong continuation signal for an upward price trend. Nevertheless, 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 relative to Bitcoin has been moving mostly sideways since 2021. However, DOGE/BTC currently appears to be breaking out of the consolidation range, suggesting a continuation of the current market trend.
According to Martinez, if the price of Dogecoin against BTC manages to cross the upper limit of the flag, it could be ready to skyrocket by over 2,400%. The target for this throw was calculated using the initial mast as a model, as the breakout usually replicates its length. Ultimately, this would increase the value of DOGE against BTC from the current level of 0.0000043 to an all-time high of 0.00009375. Such a huge Dogecoin rally would also support the many predictions of an altcoin season before the current cycle ends.
DOGE price at a glance
At the time of writing, Dogecoin is valued at $0.4246, reflecting an increase of just 1.2% over the past 24 hours. The price performance of the coin itself is no less insignificant on the weekly time frame.
According to data from CoinGecko, the price of DOGE has fallen by 1.7% over the past seven days. The meme token ranks as the seventh largest asset in the sector, with a market capitalization of $62 billion.
Featured image from iStock, chart from TradingView