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The Dogecoin price recently rose 20% after newly elected President Donald Trump announced the formation of a new Department of Government Efficiency (DOGE) led by Elon Musk and Vivek Ramaswamy. Interestingly, Dogecoin is up around 250% in the last 30 days, which is much bigger than Bitcoin’s 40% rise in the same time frame.
This Overperformance of Dogecoin prices against the Bitcoin price, the DOGE/BTC pair has seen it break above a descending trendline. Notably, crypto analyst KALEO predicts significant gains for Dogecoin against Bitcoin, noting a significant breakout in the DOGE/BTC pair.
Analyst says a 175% Dogecoin price increase is in the offing
Crypto analyst KALEO highlighted a promising one outlook for the Dogecoin price with his recent one analysis of the DOGE/BTC trading pair. According to the price chart shared by the analyst, the Dogecoin/Bitcoin pair has been on a downward trend since the first half of 2021. This downward path was full of lower highs and lower lows, leading to the creation of a higher level downtrend. time frame (HTF). However, 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 soaring to its current all-time high of $0.7316. He pointed out that the current Dogecoin price movement reflects similar momentum, suggesting that another rapid 175% increase could be imminent.
KALEO highlighted that recent market conditions, Dogecoin’s resilience and growing interest from Donald Trump and Elon Musk’s DOGE department have contributed to a favorable setup for a potential rally.
“With the way the market has been moving lately and how much strength Dogecoin has shown after Trump got elected and Elon started pushing again, I wouldn’t be surprised to see something similar here,” he said. commented.
Dogecoin’s accumulation points to continued price appreciation
In addition to the technical analysis of Dogecoin’s price breakout over Bitcoin, KALEO also points out an interesting accumulation trend over the past 48 hours following the breakout. As it stands now, the DOGE/BTC pair appears 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 resistance level of the time frame, laying a strong foundation for Dogecoin’s next bullish move. This accumulation trend has served as a launching pad during past rallies, and it could repeat itself soon.
The broader crypto market landscape also supports KALEO’s bullish forecast for Dogecoin versus Bitcoin. Not only will Dogecoin continue to outperform Dogecoin, the expected Dogecoin rally will be more pronounced considering the Bitcoin price is too expected to continue to rise.
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