Dogecoin Fails To Follow Bitcoin’s Recent Uptick: Is A New ATH Still Feasible This Cycle?

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As a seasoned crypto investor with a decade-long journey in this volatile market under my belt, I must say that the recent performance of Dogecoin amid Bitcoin‘s surge has been nothing short of intriguing. My personal experience tells me that the correlation between these two cryptocurrencies is not always a straightforward one, and it seems we are witnessing another instance of this phenomenon.

During this recent phase, Bitcoin and Dogecoin have been two highly monitored cryptocurrencies. Typically, when Bitcoin’s value rises, a significant portion of that growth is reflected in Dogecoin’s value as well. At one point, the relationship between their prices was remarkably consistent at 0.97.

Intriguingly, Bitcoin’s price has climbed back above $100,000 in the current market scenario, peaking at around 102,700 within the last day. However, this surge hasn’t seemed to boost Dogecoin’s price, as instead, it has dipped below its previous support level of $0.4 during the same period.

Dogecoin’s Recent Performance Amid Bitcoin’s Surge

Bitcoin has crossed the significant milestone of $100,000 again, following a 7.5% rise since it dipped to $94,900 on December 10th. This latest climb marks another recovery for Bitcoin, after an earlier rejection at the $100,000 price point caused ripples of liquidation across other cryptocurrencies.

Although Bitcoin has demonstrated strength, Dogecoin has encountered significant hurdles in maintaining its growth trajectory. On December 8, Dogecoin reached a price point of $0.48, a level not seen since 2021. However, an in-depth analysis of the meme coin’s price fluctuations reveals a persistent battle against the $0.48 resistance barrier, which currently appears to be a major hurdle for breaking this market trend.

Currently, as I’m typing, Dogecoin is being exchanged for approximately $0.395. This represents a drop of around 17% from its peak value of $0.48 this year. At the moment, Dogecoin has dipped about 13% over the past week, making it the most underperforming cryptocurrency in the top 10, based on market capitalization, during this time period.

Is A New Dogecoin All-Time High Still Possible This Cycle?

Various market analysts are offering diverse opinions about whether and when the price of Dogecoin might reach a fresh record high within the current market trend, as it previously peaked at $0.73 during the May 2021 crypto boom. However, surpassing this previous peak in this cycle appears to be a difficult proposition, particularly if the value of Dogecoin continues to diverge from Bitcoin’s upward trajectory.

It’s possible that some might think the overall opinion leans towards Dogecoin resuming its upward trajectory in the near future. In the past, the price increases of Dogecoin have been caused by sudden surges in individual investor activity, frequently sparked by rumors on social media or news about partnerships like payments on X and similar events. For Dogecoin to break its 2021 record high, there needs to be a new surge of excitement, accompanied by substantial trading volume and renewed attention from both retail and institutional investors.

In the early months of 2025, there may be a more realistic opportunity for Dogecoin to hit record prices. This optimistic outlook could stem from shifts in the global economic and political climate, such as the re-emergence of Donald Trump as U.S. President, which might foster positive sentiment within the cryptocurrency market.

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2024-12-16 10:34