The Dogecoin (DOGE) vs Bitcoin (BTC) chart showed an intriguing signal on the monthly time frame, indicating that the meme coin could be ready for a price increase. Historical analysis reveals a consistent trend: whenever the price of Bitcoin falls relative to DOGE, the latter tends to rise, reaching new highs.
At press time, Dogecoin price is $0.44 and is 40% away from hitting its all-time high. However, in the current outlook, the cryptocurrency could surpass this level.
Dogecoin remains strong against the number one coin
A look at the DOGE/BTC chart shows a bull flag forming. A bull flag is a classic continuation pattern in an uptrend, characterized by a brief period of downward consolidation followed by a sharp rise in price.
On a chart, the bull flag often takes the shape of a triangle or rectangle (flag) that shrinks, reflecting declining trading volumes as market participants secure their positions. Once the range tightens, a breakout – known as a bull pennant – typically occurs, propelling the price higher and confirming the continuation of the uptrend.
As seen above, the Dogecoin vs Bitcoin chart shows that the the room itself burst of the consolidation period, with the pair now worth 0.0000042. If the trend remains at zero, the DOGE/BTC pair could clear zero and climb towards 0.000014.
Additionally, the DOGE/USD 4-hour chart reinforces the bullish outlook, with the Money Flow Index (MFI) climbing to 70.70. The MFI assesses the inflow of capital into a cryptocurrency, providing insight into market dynamics.
A rising MFI means increased buying pressure, while a decline indicates sales dominance. Dogecoin’s growing MFI suggests growing demand, potentially fueling its prediction towards the $1 mark.
Crypto analyst Rekt Capital also supports this bullish outlook, highlighting New test of Dogecoin of the upper limit of the ascending triangle on the daily chart. According to the analyst, this technical movement indicates that a significant breakout is near.
“Dogecoin has tracked every Bitcoin so far. We now retest the top of the ascending triangle as support. A successful retest here is crucial to precede a confirmed breakout,” Rekt Capital mentioned.
DOGE Price Prediction: Still Bullish
On the daily chart, Dogecoin price is trading above the 20-period exponential moving average (EMA) and the 50 EMA. The EMA is a technical indicator that measures the trend around a cryptocurrency.
When the price is above the EMAs, the trend is bullish. On the other hand, if the price is below the trend, the trend is bearish. Therefore, Dogecoin price may continue to rise and possibly reach $0.48 in the near term.
If validated, the meme coin’s value could rise back to $1 as long as the Dogecoin vs Bitcoin chart remains in an uptrend. On the other hand, if DOGE falls against BTCit might not happen. In this case, the value of the meme coin could drop to $0.32.
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