The most popular meme coin, Dogecoin (DOGE), appears poised to follow Bitcoin (BTC) in its rise. According to renowned crypto trader DonAlt, DOGE is one of the few altcoins that can outperform the largest cryptocurrency. His optimistic view on Dogecoin was reaffirmed in a recent analysis.
Dogecoin’s potential: Towards $1?
DonAlt emphasized that Dogecoin is capable of entering a new phase of growth, similar to the period when the DOGE price rose from $0.11 in October to $0.40 in mid-November. He predicts that if the next wave is at least half the size of the first, Dogecoin could renew its record price and finally break the long-awaited $1 barrier.
The optimism surrounding Dogecoin stems from its historical price movements and the pattern that is often visible after consolidation. According to DonAlt, DOGE has shown strong increases twice before in short time frames, such as the hour, after a consolidation phase. Now such a phase appears to be emerging again, offering traders speculative optimism.
Strong dependence on Bitcoin
Despite the strong outlook for Dogecoin, DonAlt emphasizes that Bitcoin remains the driving force behind a broader bull market. The leading cryptocurrency continues to break its all-time highs, creating a bullish environment for other cryptocurrencies.
Bitcoin recently reached a new all-time high (ATH) of $94,732 on Binance, further increasing its all-time high. This marks a continued rise since President-elect Donald Trump secured his re-election on November 5 and pro-crypto regulations received a boost. This price rally has strengthened investor confidence and further fueled interest in alternative cryptocurrencies, such as Dogecoin.
According to analysts, Bitcoin’s consistency provides a solid foundation for altcoins like DOGE to benefit as well. The sharply increased inflows into Bitcoin ETFs and the launch of options on spot Bitcoin ETFs have also fueled additional institutional interest in the crypto market.
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Source: https://newsbit.nl/trader-voorspelt-dogecoin-doge-kan-bitcoin-overtreffen-in-nieuwe-bull-run/
