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Crypto trader Kevin has shared his bullish outlook on Dogecoins DOGE/USD performance against Bitcoin BTC/USD , noting the cryptocurrencys consolidation in the golden pocket and its position above all bull market up trending moving averages.
What Happened: On Tuesday, Kevin, formerly known as OG_Yomi On X, posted his analysis of the #Dogecoin vs #BTC chart. He observed that Dogecoin is currently consolidating in the golden pocket while sitting above all bull market up trending MAs. He expressed optimism about Dogecoins potential to outperform Bitcoin if it can maintain its current position.
See Also: Bitcoin Halving, Elon Musks Dogecoin Tweet, Solanas Rise And More: This Week In Cryptocurrency
Notably, Dogecoin has already outperformed Bitcoin in terms of year-to-date gains. The meme coin has given 82.8% gains so far in 2024, while Bitcoin has returned 57.5% in the same period.
Why It Matters: Kevins tweet comes in the wake of a recent Benzinga article in which Yomi shared his insights on Dogecoins anticipated Golden Cross. Despite two consecutive red weeks causing a slight deviation, the cryptocurrency is still several weeks of upward price action away from achieving this bull market milestone.
Moreover, a pseudonymous cryptocurrency trader, Vapor, recently predicted that at least three meme coins will achieve a market cap above $100B, as noted in a Benzinga report. This growing prominence of meme coins in the digital asset space underscores Kevins bullish outlook on Dogecoin.
Price Action: At the time of writing, Dogecoin traded 1.9% higher at $0.16, while Bitcoin was down by 0.2% at $66,613.80, according to data from Benzinga Pro.
Photo Courtesy: Shutterstock.com
Read Next: Dogecoin And Elon Musk In One Animation But This Trader Suggests To Short DOGE At $0.18 To $0.20Engineered by Benzinga Neuro , Edited by Shivdeep Dhaliwal
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