Bitcoin (BTC) hit a new all-time high of $106,352 earlier today. The original cryptocurrency has rallied by nearly 15% over the previous month. BTC’s latest peak may lead to other assets rallying. Dogecoin (DOGE) may follow BTC’s trajectory and hit a new peak.
DOGE witnessed a significant price rally after Donald Trump’s victory in the US Presidential election. The asset is up 1.6% in the daily charts, 7.9% in the monthly charts, and 332% since December 2023. Despite the rally, the memecoin is down 10.5% in the weekly charts and 7.6% in the 14-day charts.
Source: CoinGecko
Also Read: Bitcoin Hits New Peak Of $106,000: Will BTC Hit $120,000 Next?
Why Did Dogecoin Face A Correction?
DOGE’s price dip could be due to inflation in the US rising by 2.7%. Investors may be weary about investing in risky assets.
Image Source: Watcher Guru
The crypto market has stagnated lately. The markets experienced a rally last month after Trump’s victory due to his pro-crypto stance. The current stagnation could be due to market participants waiting on the Federal Reserve’s meeting. DOGE and other assets may witness another rally if the Fed takes a dovish stance.
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Will The Memecoin Hit $0.90 Following Bitcoin’s Rise To $106,352?
We may witness another market-wide rally over the next few days.
According to CoinCodex, DOGE’s price will consolidate over the next few months. The platform anticipates DOGE to continue trading at around current levels till at least Feb. 20, 2025. CoinCodex predicts DOGE will pick up steam by the end of February 2025. The platform anticipates DOGE to hit $0.90 on Mar. 15, 2025. Hitting $0.90 from current price levels will entail a rally of about 125%.
Source: CoinCodex
Also Read: Why is my Coinbase Card a Prepaid Card?
Changelly presents a more bearish outlook for Dogecoin (DOGE). The platform anticipates DOGE to trade at a maximum price of $0.351 in March 2025. Hitting $0.351 from current price levels will translate to a dip of about 13.33%.
Source: Changelly
