Analyst Says Dogecoin Will Outperform Bitcoin This Cycle, Here’s Why

A crypto analyst has unveiled a bullish technical indicator for the popular doggy-themed meme coin, Dogecoin, predicting that the cryptocurrency could potentially outperform the world’s largest cryptocurrency, Bitcoin.  

Dogecoin Shows Signs Of A Bullish Breakout

In a recent X (formerly Twitter) post, crypto analyst, Kevin expressed optimism regarding Dogecoin’s recent price outlook, forecasting the cryptocurrency’s potential to surpass Bitcoin’s 2024 gains. Sharing a Dogecoin versus Bitcoin price chart, Kevin revealed that the doggy-themed cryptocurrency was presently “consolidating in a golden pocket.”

This term refers to a specific price range or numerical percentage that signifies an area of support or resistance, historically used to indicate a potentially slow or aggressive upward trend. 

According to Kevin, DOGE’s price is currently positioned “above all bull markets uptrending Market Averages (MAs)”. This means that the cryptocurrency is presently holding steady and demonstrating resilience amidst present market volatility and fluctuations. 

The analyst has stated that if Dogecoin successfully sustains its current momentum, the cryptocurrency could rise to unprecedented heights, possibly outperforming Bitcoin. 

Since the beginning of the year, Bitcoin has surged by over 143.64%, according to CoinMarketCap. Before the halving event, in March, the cryptocurrency experienced exponential gains that have propelled its price to new all-time highs above $73,000. At the time of writing Bitcoin is also trading at a price of $66,699, marking a $0.90 increase in the past 24 hours. 

If Dogecoin succeeds in outperforming Bitcoin, it would potentially place the doggy-themed meme coin among the top gainers in the second quarter of the 2024 crypto market. 

DOGE Price Update

The price of Dogecoin has been performing relatively well despite the recent market volatility and low performance of Bitcoin and other top cryptocurrencies in the space. Following the meme coin mania earlier in February and March, numerous cryptocurrencies including Dogecoin had surged considerably.

However, as investors’ interest in meme coins waned and began to shift to other cryptocurrencies, many coins had retraced, plummeting and reverting to their lower value. 

As of writing, Dogecoin’s price is $0.16, reflecting a 24-hour increase of 2.73%. The cryptocurrency has been on an upward trend since the past week, marking a 3.41% surge in its value. 

Dogecoin’s trading volume has also had a noticeable uptick, increasing by 5.21% and recording a total volume of more than $1.1 billion. Its market capitalization is also up by 2.74%, amounting to $23.3 billion. 

DOGE bears vie for control | Source: DOGEUSDT on Tradingview.com

Featured image from FinanceBuzz, chart from Tradingview.com