How high can Dogecoin price rise if Bitcoin hits $122k?

Dogecoin price has performed well this month, reaching $0.4795, its highest level since May 2021, as the broader crypto rally gains momentum.

Dogecoin (DOGE) traded at $0.40 on November 28, up 365% from its September low.

This price action reflected Bitcoin (BTC) breaking a new record by approaching $100,000. Historically, Dogecoin and Bitcoin prices have moved together. Data from IntoTheBlock reveals a correlation coefficient of 0.98 between the two, indicating similar price movements.

Therefore, there is a possibility that Dogecoin will continue its strong bull run once Bitcoin surpasses $100,000. We noted in a recent Bitcoin analysis that technical experts pointed out that it would eventually jump to $122,000. This view is based on the coin’s cup and handle pattern on the weekly chart.

As the name suggests, this formation consists of a rounded base followed by a pullback or consolidation. Bitcoin’s hold continued from March until the beginning of this month, showing an upward trend to $99.7000.

Bitcoin also has some strong seasonal fundamentals as its price typically rises in November and December. Moreover, Trump is said to be considering Paul Atkins, who is popular in the crypto industry, as the next chairman of the Securities and Exchange Commission.

BTC price chart | Source: crypto.news

Spot Bitcoin ETFs also gained traction, further boosting market confidence, with total assets exceeding $101 billion.

Dogecoin price rise will continue Dogecoin price chart | Source: crypto.news

Dogecoin’s price looks poised for further gains if Bitcoin climbs to $122,000 as predicted.

On the weekly chart, Dogecoin went parabolic and broke through the critical resistance level at $0.2278, the March 2023 high, invalidating the previous double-top pattern.

The cryptocurrency also formed a golden cross pattern with the intersection of the 50-week and 200-week moving averages and moved above the 50% Fibonacci Retracement level at $0.03715.

Dogecoin is currently forming a bullish flag or pennant pattern that is often preceded by a strong breakout. If this happens, the next target could be the all-time high of $0.7400, representing an 85% gain from current levels. However, a decline below $0.2278 will invalidate this bullish view.