Dogecoin's price has surged more than 150% in the past 30 days, marking one of the most profitable Novembers in history. However, memecoin’s performance has slowed down somewhat over the past week and it is struggling to make plays at the psychological $0.45 level.
However, a popular analyst on the X platform said that Dogecoin price is not consolidating and a bullish breakout is around the corner. In fact, meme tokens are touted to outperform Bitcoin, the world's largest cryptocurrency by market capitalization.
How Dogecoin outperforms Bitcoin
In a recent post on the X Platform, prominent analyst Ali Martinez put forward a bullish forecast for Dogecoin price relative to Bitcoin price in the coming months. According to experts, Memecoin is set to outperform the premier cryptocurrency by a whopping 2,400%.
The rationale behind this prediction 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 periods of rapid price increases (flagsticks) and short periods of consolidation or slight downtrends (flags).
The formation of a bull flag usually serves as a strong continuation signal for an upward price trend. Nevertheless, a price breakout from the flag (or consolidating range) is a prerequisite for confirming the continuation of the uptrend.
As observed in the chart above, the price of Dogecoin relative to Bitcoin has remained almost flat since 2021. However, DOGE/BTC appears to be breaking out of the consolidation range at the moment, suggesting that current market trends are continuing.
According to Martinez, if the price of Dogecoin against BTC can break through the flag ceiling, it could soar more than 2,400%. The target for this projection was calculated using the first flagpole as a template, since the breakout typically duplicates its length.
Ultimately, this will push the value of DOGE against BTC from its current level of 0.0000043 to an unprecedented 0.00009375. Such a massive rally in Dogecoin would confirm many predictions about the altcoin season before the current cycle ends.
DOGE price overview
As of this writing, Dogecoin's value is $0.4246, reflecting an increase of just 1.2% over the past 24 hours. Memecoin’s price performance is equally insignificant on the weekly time frame.
According to CoinGecko data, DOGE price has fallen by 1.7% in the past 7 days. Meme tokens rank as the 7th largest asset in the sector with a market capitalization of $62 billion.
Featured images from iStock, charts from TradingView
