Dogecoin (DOGE) at Risk of Rejection Regardless of Next Bitcoin Move, According to Analyst – Here’s His Outlook

Analyst Predicts Dogecoin Dip Regardless of Bitcoin's Performance

A prominent crypto strategist who challenges popular sentiment has issued a warning that Dogecoin (DOGE) is likely to experience a setback, even if Bitcoin (BTC) achieves new record highs.

Analyst Credible, known for his pseudonymity, presented his insights to his 395,500 followers on social media platform X. According to his analysis, DOGE could decline regardless of BTC's future movements.

Credible outlined two primary scenarios that could lead to a DOGE price drop:

1. BTC's decline and subsequent downward trend.
2. BTC's surge with such momentum that it captures market attention and liquidity flows out of altcoins (including DOGE) into BTC.

Credible emphasized that certain altcoins may not be subject to this liquidity outflow, while others may be more severely impacted.

Previously, Credible projected a substantial increase in BTC's value towards $100,000. He anticipates that in such a scenario, traders would divest their altcoin holdings to capitalize on the BTC rally.

Another crypto analyst, Ali Martinez, is also monitoring the performance of Dogecoin closely. Martinez identified a significant resistance level but also noted the potential for a 100% surge if bulls overcome the $0.171 barrier.

"Dogecoin is facing resistance between $0.166 and $0.171, where 75,500 addresses have accumulated nearly 10 billion DOGE. Breaking through this barrier could double DOGE's value, with the next key resistance at $0.322."

At the time of writing, DOGE is trading at $0.166.

Source: Ali Martinez/X