Dogecoin Rising: Short-Term Gains Expected Compared to Bitcoin.

As major figures in the cryptocurrency space, Bitcoin and Dogecoin share some common ground; these include their commitment to the Proof-of-Work (PoW) consensus mechanism. This key feature connects them to a traditional blockchain verification method.

However, there is a significant difference in supply dynamics; While DOGE's supply is theoretically infinite, Bitcoin's supply is limited to 21 million, making BTC scarce. Currently, Dogecoin is trading at $0.12 and is up a significant 38.19% Year-to-Date (YTD). Bitcoin, on the other hand, has a value of $61,579, an increase of 39.42% in the same period.

The correlation between their prices is quite high, according to Macroaxis, this ratio is at 0.98. This suggests that price movements are closely linked and provide nearly equivalent returns to investors over time, with Bitcoin slightly outperforming Dogecoin.

Data shows a significant sell wall for Bitcoin at $62,134. At this level, there are 1.64 million addresses purchasing approximately 759,670 BTC. On the other hand, there are 755,240 addresses purchasing approximately 445,280 BTC at $60,793. This setup indicates that Bitcoin may struggle to surpass the $62,000 level and there is a possibility of it falling below $60,000 in the short term.

Dogecoin is in a different position, there is strong support at $0.12. This level represents 86,480 addresses purchasing a total of 6.87 billion DOGE. Such solid support could allow Dogecoin to rise above the $0.12 level to reach future values ​​in the $0.13 to $0.15 range, indicating an advantage over Bitcoin in the short term.