Dogecoin Following Bitcoin’s Rise

The cryptocurrency market is currently experiencing a positive period, with Bitcoin on the rise. At the same time, DOGE traders are excited. According to their forecasts, the “internet dog” could benefit from a major boost if the Bitcoin trend continues.

DOGE spot taker CVD. Source : CryptoQuant

“When Bitcoin gains ground, we often see an influx of investors across the entire crypto sector, including altcoins like Dogecoin,” explains Emilie, an analyst at CryptoTraders Pro. “This momentum could propel DOGE to unexpected price levels in the weeks to come.”

Technical Analysis : Is DOGECOIN Ready to Soar ?

Chartists closely following Dogecoin have noted several positive technical signals, bolstering their optimism for the medium term. Among them, a bullish cross of the 200-day moving average, as well as a breakout above the $0.08 resistance level.

Long-term DOGE holders. Source : Glassnode

“These technical breakthroughs, coupled with the current good health of the overall crypto market, suggest a possible 180% increase in the DOGE price in the short term,” says Romain, an independent trader on the eToro platform.

Potential Surge… to Seize on Bitget ?

Despite these enticing bullish prospects, savvy investors still temper their enthusiasm. While Dogecoin is trending well due to the general context, its fundamentals remain relatively weak compared to other major cryptos.

“Dogecoin lacks an ambitious development roadmap, and its use case is not truly disruptive,” Emilie cautions. “Its success mainly relies on community enthusiasm, viewing it more deeply as a ‘meme’ cryptocurrency rather than a genuine future project.”

In other words, while a 180% increase is entirely plausible in the short term, the long-term sustainability of Dogecoin remains questionable to many crypto experts. While Dogecoin seems capable of benefiting from the current Bitcoin momentum, its long-term outlook remains uncertain. Seasoned traders primarily see it as a speculative short-term opportunity, betting on a potential 80% surge in the DOGE price.