The price of Dogecoin has shown impressive performance this month, reaching $0.4795, its highest point since May 2021, fueled by a robust rally across the cryptocurrency market.

On Nov. 28, Dogecoin (DOGE) was trading at $0.40, reflecting a remarkable 365% surge from its lowest point in September.

This trend closely follows that of Bitcoin (BTC), which is nearing the $100,000 mark, achieving a new record. Historically, the prices of Dogecoin and Bitcoin have exhibited a synchronized movement. Data from IntoTheBlock indicates a correlation coefficient of 0.98 between the two, signifying similar price trajectories.

Consequently, it is plausible that Dogecoin will maintain its bullish momentum as Bitcoin surpasses the $100,000 threshold. A recent analysis of Bitcoin suggested that technical indicators point to a potential rise to $122,000, supported by the coin’s cup and handle formation observed on the weekly chart.

This pattern consists of a rounded bottom followed by a consolidation or pullback. Bitcoin’s handle phase extended from March until earlier this month, culminating in a bullish breakout that reached $99,700.

Bitcoin also benefits from solid seasonal trends, typically experiencing price increases in November and December. Additionally, there are reports that Trump is considering Paul Atkins, a notable figure in the crypto sector, as the next head of the Securities and Exchange Commission.

Spot Bitcoin ETFs have also gained significant interest, with total assets surpassing $101 billion, further enhancing investor confidence.

Dogecoin’s Rally Set to Continue

Dogecoin seems well-positioned for additional gains if Bitcoin reaches the anticipated $122,000.

On the weekly chart, Dogecoin has exhibited parabolic movement, surpassing a key resistance level at $0.2278, which represents its high from March 2023, thereby negating a previous double-top pattern.

Furthermore, the coin has formed a golden cross pattern, with the 50-week and 200-week moving averages intersecting, and it has climbed above the 50% Fibonacci Retracement level at $0.03715.

Currently, Dogecoin is developing a bullish flag or pennant pattern, which frequently precedes a substantial breakout. Should this materialize, the next target could be $0.7400, its all-time peak, signifying an 85% increase from present levels. However, any decline below $0.2278 would undermine this optimistic outlook.