Crypto trader Kevin has shared his bullish outlook on Dogecoin's (CRYPTO: DOGE) performance against Bitcoin (CRYPTO: BTC), noting the cryptocurrency's 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 MA's. He expressed optimism about Dogecoin's potential to outperform Bitcoin if it can maintain its current position.
If we take a close look at the #Dogecoin vs #BTC chart we're currently consolidating in the golden pocket while sitting above all bull market up trending MA's. This is a very good sign if we can hold it in terms of seeing #DOGE out performing BTC from here on out. Send this dog... pic.twitter.com/Nvd2LBzETu
— Kevin (@Kev_Capital_TA) April 24, 2024
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: Kevin's tweet comes in the wake of a recent Benzinga article in which Yomi shared his insights on Dogecoin's 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 Kevin's 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.
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