Cryptocurrency trader Kevin shared his bullish outlook That of Dogecoin DOGE/USD performance against Bitcoin Bitcoin/USDnoting the cryptocurrency’s consolidation in the gold pocket and its position above the entire bull market rising moving averages.
What happened: On Tuesday, Kevin, formerly known as OG_Yomi On #Dogecoin vs. #BTC graphic. He noted that Dogecoin is currently consolidating in the gold pocket as it sits above the entire rising MA bull market. He expressed optimism about Dogecoin’s potential to outperform Bitcoin if it can maintain its current position.
See also: Bitcoin Halving, Elon Musk’s Dogecoin Tweet, Rise of Solana, and More: This Week in Cryptocurrency
Notably, Dogecoin has already outperformed Bitcoin in terms of year-to-date earnings. The meme coin has gained 82.8% so far in 2024, while Bitcoin has returned 57.5% over the same period.
Because matter: Kevin’s tweet comes on the heels of a recent article by Benzinga in which Yomi shared his insights on Dogecoin’s anticipated Golden Cross. Although two consecutive red weeks have caused a slight deviation, the cryptocurrency is still several weeks of upward price movement away from reaching this bull market milestone.
Additionally, a pseudonymous cryptocurrency trader, Vapor, recently predicted that at least three meme coins will reach a market capitalization above $100 billion, as noted in a Benzinga report. This growing prominence of meme coins in the digital asset space underlines Kevin’s bullish view on Dogecoin.
Price Action: At the time of writing, Dogecoin was trading 1.9% higher at $0.16, while Bitcoin was down 0.2% at $66,613.80, according to data from Benzinga Pro.
Photo courtesy: Shutterstock.com
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