2024-12-5 14:00 |
The Dogecoin (DOGE) vs Bitcoin (BTC) chart has shown an intriguing signal on the monthly timeframe, indicating that the meme coin may be ready for a price increase. Historical analysis reveals a consistent pattern: whenever Bitcoin’s price drops relative to DOGE, the latter tends to rise, reaching new highs.
At press time, Dogecoin’s price is $0.44 and is 40% away from reaching its all-time high. However, with the current outlook, the cryptocurrency could be set to surpass that level.
Dogecoin Stays Strong Against the Number One CoinA look at the DOGE/BTC chart shows the formation of a bull flag. A bull flag is a classic continuation pattern in an uptrend, characterized by a brief period of downward consolidation followed by a sharp price surge.
On a chart, the bullish flag often takes the shape of a narrowing triangle or rectangle (flag), reflecting declining trading volumes as market participants secure their positions. Once the range tightens, a breakout — known as a bullish pennant — typically occurs, propelling the price upward and confirming the continuation of the uptrend.
As seen above, the Dogecoin vs Bitcoin chart shows that the meme coin has broken out of the consolidation period, with the pair now worth 0.0000042. Should the trend remain at zero, the DOGE/BTC pair might erase oen zero and climb toward 0.000014.
Dogecoin/Bitcoin Monthy Analysis. Source: TradingViewFurther, the 4-hour DOGE/USD chart reinforces the bullish outlook, with the Money Flow Index (MFI) climbing to 70.70. The MFI gauges the inflow of capital into a cryptocurrency, offering insights into market momentum.
A rising MFI signifies increased buying pressure, while a decline indicates selling dominance. Dogecoin’s rising MFI suggests growing demand, potentially fueling its prediction toward the $1 milestone.
Dogecoin Money Flow Index. Source: TradingViewCrypto analyst Rekt Capital also supports this bullish outlook, highlighting Dogecoin’s retest of the ascending triangle’s upper boundary on the daily chart. According to the analyst, this technical move indicates that a significant breakout is close.
“Dogecoin has followed every Bitcoin thus far. Now retesting 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 BullishOn the daily chart, Dogecoin’s 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’s price might continue to rise and possibly hit $0.48 in the short term.
Dogecoin Daily Analysis. Source: TradingViewIf validated, the meme coin’s value might rally to $1 as long the Dogecoin vs Bitcoin chart remains in an uptrend. On the flip side, if DOGE drops against BTC, this might not happen. In that case, the meme coin’s value might decline to $0.32.
The post Dogecoin vs Bitcoin: Bull Flag Suggests DOGE $1 Rally Imminent appeared first on BeInCrypto.
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