Bitcoin (BTC) set a historical high of $106,352 earlier today. This original cryptocurrency has risen nearly 15% in the past month. BTC's latest peak may trigger increases in other assets. Dogecoin (DOGE) may follow BTC's trajectory and set new highs.
The price of Dogecoin surged significantly after Donald Trump won the U.S. presidential election. The asset rose 1.6% on the daily chart, 7.9% on the monthly chart, and has increased by 332% since December 2023. Despite the rise in Dogecoin's price, it has dropped 10.5% on the weekly chart and 7.6% on the 14-day chart.
Why does Dogecoin face adjustment?
The drop in DOGE price may be due to the rise in the U.S. inflation rate of 2.7%. Investors may be cautious about investing in risk assets.
The cryptocurrency market has recently stagnated. After Trump's victory last month, the market experienced a rebound due to his supportive stance on cryptocurrencies. The current stagnation may be due to market participants waiting for the Federal Reserve meeting. If the Federal Reserve takes a dovish stance, DOGE and other assets may rebound again.
As Bitcoin rises to $106,352, will Memecoin reach $0.90?
We may see another market-wide rebound in the coming days.
According to CoinCodex, the price of DOGE will consolidate in the coming months. The platform expects DOGE to continue trading at current levels at least until February 20, 2025. CoinCodex predicts DOGE will heat up by the end of February 2025. The platform expects DOGE to reach $0.90 by March 15, 2025. Reaching $0.90 from the current price level would require an increase of about 125%.
Changelly is more pessimistic about the prospects for Dogecoin (DOGE). The platform expects the trading price of DOGE to reach a peak of $0.351 in March 2025. A drop from the current price level to $0.351 would mean a decline of about 13.33%.
