As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market fluctuations and trends. However, the recent surge in Dogecoin (DOGE) has caught my attention, especially given the context surrounding its association with the new Department of Government Efficiency (DOGE).
In the last few days, the value of Dogecoin skyrocketed by 20% following Donald Trump’s announcement of a new Department of Government Efficiency (DOGE), which he will be headed by Elon Musk and Vivek Ramaswamy. It’s worth noting that over the past month, Dogecoin has seen an impressive increase of around 250%, significantly outperforming Bitcoin‘s 40% growth during the same period.
The performance of Dogecoin’s price exceeding that of Bitcoin has led the DOGE/BTC pair to surpass a downward trendline. Importantly, crypto analyst KALEO predicts substantial growth for Dogecoin relative to Bitcoin, emphasizing a major breakout in the DOGE/BTC pair.
Analyst Says A 175% Dogecoin Price Surge May Be On The Horizon
Crypto expert KALEO recently indicated a positive forecast for Dogecoin’s price based on his analysis of the DOGE/BTC market. As per the chart he provided, the Dogecoin-to-Bitcoin ratio has been declining since the start of 2021, marked by successive lower highs and lower lows, forming a downward channel trend on a larger timeframe (HTF). However, in recent trading, the pair managed to breach the upper boundary of this downtrend.
In my recent observations, I’ve noticed a striking resemblance between the present situation of Dogecoin and its behavior in early 2021. Back then, just on the cusp of the mind-boggling 175% rally that pushed the Dogecoin price to an all-time high of $0.7316, similar momentum was at play. Given this pattern, it seems plausible that we might be on the verge of another swift 175% surge in the Dogecoin price.
KALEO highlighted that the latest market trends, the robustness of Dogecoin, and increasing curiosity due to Donald Trump and Elon Musk’s involvement with Dogecoin, have created an advantageous scenario for a possible price surge in Dogecoin.
Given the market’s recent trends and the impressive resilience Dogecoin has demonstrated following Trump’s election and Elon Musk’s renewed endorsements, it wouldn’t shock me if we witness a comparable surge in this case,” he observed.
Dogecoin Accumulation Points To A Continued Price Surge
Beyond examining the technical jump of Dogecoin’s price over Bitcoin, KALEO also highlights a noteworthy accumulation pattern that has emerged in the past 48 hours following the breakout. Currently, the DOGE/BTC pair appears to be pausing and is now gathering itself within a specific range, indicating consolidation.
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.
In simpler terms, the overall crypto market context strengthens KALEO’s optimistic viewpoint about Dogecoin in relation to Bitcoin. Not only does it appear that Dogecoin will continue to surpass expectations, but the upcoming Dogecoin surge could be even more significant due to the anticipated continued growth of the Bitcoin price.
At the time of writing, Dogecoin is trading at $0.401, while Bitcoin is trading at $90,800.
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2024-11-14 18:04