Dogecoin Price Surges 150% in November Amid Bullish Forecasts
The price of Dogecoin increased by over 150% in November, but its momentum has slowed recently, struggling to reach the $0.45 level. Analysts suggest a bullish breakout is imminent, predicting that Dogecoin may outperform Bitcoin.
Potential for Dogecoin to Outperform Bitcoin
Analyst Ali Martinez forecasts that Dogecoin could exceed Bitcoin's performance by 2,400%. This projection relies on a bull flag pattern observed in Dogecoin's monthly price chart, characterized by an initial steep price rise (the flagpole) followed by consolidation or slight decline (the flag).
A breakout from this pattern would confirm a continuation of the upward trend. The current movement of DOGE/BTC suggests a potential breakout from its consolidation range.
If Dogecoin breaks the upper boundary of the flag, it could rise from 0.0000043 to 0.00009375 against Bitcoin, supporting predictions of an upcoming altcoin season.
DOGE Price Overview
Currently, Dogecoin is priced at $0.4246, with a slight increase of 1.2% in the last 24 hours. Over the past week, the price has decreased by 1.7%. Dogecoin ranks as the seventh-largest cryptocurrency by market capitalization, valued at $62 billion.
Featured image from iStock, chart from TradingView