Crypto Expert Predicts Dogecoin Drop Even as Bitcoin Rises

A crypto expert who usually goes against popular trends warns that Dogecoin (DOGE) might drop in value even if Bitcoin (BTC) hits new record highs.

Credible warns that DOGE might decline even if BTC reaches all-time highs. Ali Martinez, however, sees potential for DOGE to double if it surpasses the $0.171 resistance. Currently, DOGE trades at $0.1649, with a market cap of $23.7 billion.

Crypto Analysts Weigh in on Dogecoin’s Potential Decline and Growth

Credible, a well-known market analyst, made significant statements on social media platform X, sharing with investors how DOGE might experience a decline regardless of Bitcoin’s (BTC) next move. According to the analyst, there are two main ways a meme coin like DOGE can be rejected and lose value: either BTC gets rejected and declines, or BTC creates such a big and strong impulse candle that the collective attention of the market shifts to BTC for a while, causing liquidity to flow from other altcoins, including DOGE, to BTC.

As has been observed historically, while some projects are expected to be exceptions in the outflow of liquidity from altcoins, others are expected to be more affected. Last week, Credible stated that BTC could make a sharp price movement towards $100,000 in the future. In such a scenario, the analyst noted that investors might liquidate their altcoin holdings to participate in the BTC rally.

Another well-known market analyst, Ali Martinez, continues to closely follow Dogecoin. According to Martinez, while there is a possibility of encountering strong resistance in Dogecoin, if DOGE bulls can surpass the $0.171 area, the meme coin could see a 100% increase.

Dogecoin encounters significant resistance between $0.166 and $0.171, where about 10 billion DOGE are held by 75,500 addresses. However, once this barrier is overcome, DOGE will have the potential to double, with the next key resistance around $0.322.

Dogecoin Market Update: Price Decline and Trading Volume Surge

At the time of writing, DOGE was trading at $0.1649, following a 1.32% decline in the last 24 hours. This drop comes on the heels of a 1.28% decrease over the past 7 days, which has not gone unnoticed by market observers.

DOGE’s market cap has fallen to $23.7 billion due to the recent price drop, positioning it 8th on the CoinMarketCap ranking.

Despite the price decline, DOGE’s 24-hour trading volume showed a notable increase. The 24-hour trading volume rose by 12%, reaching $1.5 billion. This surge in trading volume, despite the price drop, has sparked rumors of short-selling activity.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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