Dogecoin (DOGE) is on the move, and DOGE price analysis reveals an emerging decoupling from Bitcoin as DOGE price defies market downturn – but with price under pressure – here’s why investors are now exploring Dogeverse.
Taking to Reddit, one analyst thinks Dogecoin (DOGE) is now charting its course, potentially decoupling from Bitcoin.
Over the years, DOGE and Bitcoin have been positively correlated, with DOGE prices soaring whenever BTC prices pump.
-4HR needs to break and hold above .207
-Retest needs to hold then price make a higher high, that's entry trigger. Note how the retest didn't hold on prior breakouts, that's key.More advanced setup here, $BTC and $ETH are prob easier. Notes on chart below as well. pic.twitter.com/b6d6xF299A
— Crypto Chase (@Crypto_Chase) April 11, 2024
However, based on the analyst’s assessment, this could all be about to change.
DOGE Price Analysis: Dogecoin In Focus Amid Bitcoin Decoupling
In a post, the analyst is convinced that Elon Musk and other high-profile figures are involved in a potential “bait and switch” where Bitcoin holdings are dumped, causing a market crash.
Once the retracement is over, the analyst suggests these heavyweights will funnel funds to Dogecoin, propelling it above Tether (USDT) to the third spot by market cap.
While the validity of these claims remains uncertain, Elon Musk’s continued influence on DOGE cannot be denied.
Though there is an ongoing lawsuit where the billionaire is accused of “deliberately pumping DOGE prices” in the past, this hasn’t prevented him from posting about Dogecoin on X.
On April 15, the billionaire shared an image highlighting the mainstream media’s “pain” over DOGE’s top-10 ranking. Presently, DOGE is the eighth most valuable coin, ahead of Cardano and Avalanche.
— Elon Musk (@elonmusk) April 15, 2024
Though DOGE prices and trading volume rose moments after this tweet, the overarching market downtrend couldn’t be reversed – even by the top dog.
(DOGEUSDT)
DOGE will likely find reprieve once Bitcoin shakes off bears. Currently, Dogecoin is down 33% from 2024 highs of around $0.22.
However, while the downtrend remains, mirroring BTC’s, some supporters think Dogecoin will rally towards 2021 highs of around $0.75 if X integrates the popular meme coin in their payments platform.
All Eyes On The Dogeverse: Multichain Crypto Presale Hammers Multi-Million Raise – Here’s Why
With Dogecoin in focus and bears pressing on, more investors are training their eyes on Dogeverse (DOGEVERSE).
The multi-chain meme coin is rapidly gaining traction, raising over $5 million in its ongoing presale.
DOGEVERSE will operate on Ethereum, Polygon, BNB Chain, Solana, Avalanche, and Base, a multichain feature that supporters will drive prices in 2024.
Moreover, holders cite DOGEVERSE’s capped supply of 200 million combined with staking as attractive attributes.
These features will likely create a supply squeeze, progressively lifting prices over time.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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