Key Takeaways:
- Dogecoin’s $DOGE/$ETH pair chart shows a bullish trendline breakout in November, signaling potential outperformance against Ethereum.
- November’s $DOGE monthly candle closed at record highs, marking a massive 237% gain and igniting bullish momentum.
- Speculation around Dogecoin ETFs and their potential capital inflows could significantly bolster DOGE’s market value.
Dogecoin ($DOGE) is capturing attention with a powerful resurgence that could position it to outperform Ethereum in the coming months. The November monthly candle for the $DOGE/$ETH pair chart broke a long-standing trendline, suggesting the meme coin might be poised for further upside.
The monthly close was historic for Dogecoin, with its November candle setting an all-time high. Rising from $0.142 to $0.480 within a month, DOGE surged 237%, marking the start of what traders describe as a bullish rally. According to enthusiasts, this breakout is just the beginning, with targets of $1.30 and beyond coming into focus.
The breakout above the resistance line confirms DOGE’s breakout of the bullish pennant on a daily chart, therefore paving its way to upward continuation. Crypto luminaries predict huge, exponential gains, if any semblance can be given to prediction. A recent projection even called for DOGE to surge as much as 2,400% against Bitcoin. Indeed, sentiment for the token seems to grow.
Dogecoin ETFs: $272B Market Cap Boost Ahead?
The ETF speculation also adds another layer to Dogecoin’s bullish tale off technical charts. With the Bitcoin ETFs driving in huge money inflows by gathering $30.8 billion since its January debut, the crypto market is now abuzz over what a Dogecoin-based ETF can achieve. As revealed by industry analyst, the product may attract billions in investment that could further push up the market valuation of DOGE.
If Dogecoin ETFs capture 30% of Bitcoin ETF inflows, approximately $9.24 billion could enter the market. If a multiplier of 29.5x is applied to this capital injection, this could mean a $272.58 billion increase in DOGE’s market cap, potentially catapulting its valuation up to $334.68 billion. This would bring Dogecoin closer to Ethereum’s current market cap of $406.58 billion, narrowing the gap between the two assets.
Bullish Pennant Breakout: DOGE Aims for Double Digits
While Dogecoin traditionally thrives on speculation and social media hype, ETFs could give a more institutional manner of investment. Added to this is price momentum in recent times, hence making a case for a journey toward double-digit prices ever more plausible.
With the cryptocurrency market still highly speculative, catalysts such as ETFs and broader market adoption could dictate where the future of Dogecoin will be. For now, traders will continue to “HODL” and enjoy this wave upward that the meme coin is on.
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