Dogecoin Outperforms Bitcoin in 2024, Analysts Predict Continued Growth

The cryptocurrency market is showing strong upward momentum, fueled by a notable surge in Bitcoin prices following the 2024 U.S. presidential election.

This bullish trend has had a ripple effect, boosting the prices of many altcoins and meme coins, with Dogecoin (DOGE) standing out as one of the top performers.

Since the start of the year, Bitcoin has seen a price increase of over 119%, while Dogecoin has experienced an impressive rally of 355%. DOGE’s growth has not only been propelled by Bitcoin’s bull run but also by an increasingly favorable regulatory environment for cryptocurrencies, with expectations for a more crypto-friendly cabinet in the upcoming administration.

A technical analysis tool known as the price momentum oscillator (PMO), which tracks the rate of change in an asset’s price, has shown that Dogecoin’s surge may just be beginning. Although the indicator is still at relatively low levels, this suggests that the asset could have more room to run, as seen in previous parabolic rallies.

Analyst Trader Tardigrade highlighted this in a post on X, noting that the PMO is still at lower levels on a weekly basis, but its behavior in previous rallies suggests potential for continued growth.

While technical indicators like the PMO are not foolproof, they offer valuable insights into price action. Given the current market conditions and the apparent upward trajectory of DOGE, many analysts are optimistic about its potential. If altcoin season gains momentum, Dogecoin could see a significant influx of capital, driving its price even higher and extending the rally.