Will DOGE Price Continue Against BTC?
The Dogecoin (DOGE) vs Bitcoin (BTC) chart has shown an interesting signal on the monthly timeframe, indicating that the MemCoin may be poised for a price rally. Historical analysis shows a consistent pattern: whenever the price of Bitcoin falls relative to DOGE, the latter rises and reaches new highs.
At press time, the price of Dogecoin is $0.44 and is 40% away from reaching its peak. However, with the current outlook, the cryptocurrency could be set to surpass that level.
Dogecoin remains strong at number one coin
A look at the DOGE/BTC chart shows the formation of a bullish flag. A bull flag is a classic bullish continuation pattern characterized by high price increases and short consolidation periods.
On a chart, a bullish flag usually takes the shape of a narrow triangle or rectangle (flag), which indicates that trading volume is decreasing as market participants maintain their positions. Once the range is narrowed, a flash – known as a bullish pennant – typically occurs, pushing the price higher and confirming the continuation of the rise.
As shown above, the Dogecoin vs Bitcoin chart shows that Memcoin has exited the consolidation period, with the pair now valued at 0.0000042. If the trend remains zero, the DOGE/BTC pair may break oen zero and climb to 0.000014.
Additionally, the 4-hours DOGE/USD chart has seen the Money Flow Index (MFI) rise to 70.70, reinforcing the bullish outlook. MFI measures capital flows into cryptocurrency, providing insights into market momentum.
A rising MFI indicates an increase in buying pressure, but a decline indicates the dominance of selling. Dogecoin's rising MFI demand suggests it will continue to grow, which could push the forecast to the critical $1 level.
Crypto analyst Rect Capital supports this bullish view, highlighting Dogecoin's ascending triangle upper boundary on the daily chart. According to the analyst, this technical action indicates that a significant breakout is imminent.
“Dogecoin has followed every Bitcoin so far. Now retesting the ascending triangle as support. A successful retest here is critical before a confirmed crash,” Rekt Capital quoted.
DOGE Price Forecast: Still Bullish
On the daily chart, Dogecoin price is trading above the 20-period Exponential Moving Average (EMA) and above the 50 EMA. EMA is a technical indicator that measures the trend around cryptocurrency.
When the price is above the EMAs, the trend is bearish. On the other hand, if the price is below the trend, the trend is weak. Therefore, the price of Dogecoin may continue to rise and possibly reach $0.48 in the short term.
If confirmed, the price of meme coin could rise to $1 as long as the Dogecoin vs Bitcoin chart remains at a high level. Conversely, if DOGE falls against BTC, this may not happen. If so, the value of MemCoin may drop to $0.32.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
