Dogecoin Price Potential with Bitcoin at $122k – Crypto Analysis

Dogecoin has been on a roll lately, hitting $0.4795, its highest level since May 2021, as the overall crypto market has been thriving. This price surge is impressive, with Dogecoin trading at $0.40 on Nov. 28, a whopping 365% increase from its low in September.

It’s interesting to note that Dogecoin’s price movement has closely followed that of Bitcoin, which has been approaching the $100,000 mark, setting a new record. Data from IntoTheBlock shows a high correlation coefficient of 0.98 between Dogecoin and Bitcoin, indicating similar price trends.

With Bitcoin potentially heading towards $122,000, it’s possible that Dogecoin will continue its upward trajectory. This is supported by technical analysis, which points to a cup and handle pattern on Bitcoin’s weekly chart. This pattern typically consists of a rounded bottom followed by a pullback or consolidation, leading to a bullish breakout.

Bitcoin’s recent bullish breakout to almost $100,000 and the prospect of strong seasonal fundamentals in November and December add to the positive outlook. Additionally, the consideration of Paul Atkins, a pro-crypto figure, as the potential head of the Securities and Exchange Commission further boosts market confidence.

Looking at Dogecoin specifically, its price chart shows significant potential for further gains if Bitcoin reaches $122,000 as projected. Dogecoin has made significant strides, crossing important resistance levels and forming bullish patterns like the golden cross and a flag or pennant formation. If these patterns play out as expected, Dogecoin could target $0.7400, its all-time high, representing an 85% increase from current levels.

It’s essential to keep an eye on these developments as the crypto market continues to evolve. The potential for growth and new opportunities in the space is exciting to watch, so stay tuned for more updates on Dogecoin and other cryptocurrencies.