Dogecoin Price Could See Swift 175% Surge As DOGE/BTC Pair Records Major Breakout
14 November 2024 - 4:00PM
NEWSBTC
The Dogecoin price recently surged 20% after President-elect Donald
Trump announced the formation of a new Department of Government
Efficiency (DOGE) to be led by Elon Musk and Vivek Ramaswamy.
Interestingly, Dogecoin is up by about 250% in the past 30 days,
far outpacing that of Bitcoin’s 40% increase in the same
timeframe. This Dogecoin price overperformance against the
Bitcoin price has seen the DOGE/BTC pair breaking above a
descending trendline. Notably, crypto analyst KALEO forecasts
substantial gains for Dogecoin against Bitcoin, noting a
significant breakout in the DOGE/BTC pair. Analyst Says A 175%
Dogecoin Price Surge May Be On The Horizon Crypto analyst KALEO
highlighted a promising outlook for the Dogecoin price with his
recent analysis of the DOGE/BTC trading pair. According to the
price chart shared by the analyst, the Dogecoin/Bitcoin pair has
been trending downwards since the first half of 2021. This downward
path has been full of lower highs and lower lows, leading to the
creation of a channel downtrend on a higher timeframe (HTF).
However, the recent performance saw the pair break out of the upper
trendline. Related Reading: Shiba Inu Burn Rate Crashes 82% Despite
Recovery, Can SHIB Price Still Make It To $0.00008 ATH?
Interestingly, the last time this happened was in early 2021, just
before the crazy 175% rally that sent the Dogecoin price surging to
the current all-time high of $0.7316. He pointed out that the
current Dogecoin price movement reflects similar momentum,
suggesting another rapid 175% rise could be imminent. KALEO
emphasized that recent market conditions, Dogecoin’s resilience,
and growing interest stemming from Donald Trump and Elon Musk’s
DOGE’s department have contributed to a favorable setup for a
potential rally. “With the way the market has moved recently,
and how much strength Dogecoin has shown after Trump was elected
and Elon starting to push again, I wouldn’t be surprised to see
something similar here,” he commented. Dogecoin Accumulation Points
To A Continued Price Surge Aside from the technical analysis of the
Dogecoin price breakout above Bitcoin, KALEO also points out an
interesting accumulation trend in the last 48 hours after the
breakout. As it stands, the DOGE/BTC pair seems to be taking a
breather and is now consolidating within a range. Related
Reading: Bitcoin Price Prediction: Analyst Sets $320,000 Target As
Wave 5 Begins He noted that the current accumulation phase is
taking place just above the higher timeframe resistance level,
setting a strong foundation for Dogecoin’s next bullish move. This
accumulation trend has served as a launchpad in past rallies, and
this could also repeat itself soon. The broader crypto market
landscape also supports KALEO’s bullish prediction for Dogecoin
against Bitcoin. Not only is Dogecoin set to keep outperforming
Dogecoin, the projected Dogecoin rally is going to be more
pronounced considering the Bitcoin price is also projected to keep
climbing. At the time of writing, Dogecoin is trading at $0.401,
while Bitcoin is trading at $90,800. Featured image created with
Dall.E, chart from Tradingview.com
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