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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.
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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.
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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