Bitcoin (BTC) has reached a new all-time high of $106,352 early today. The cryptocurrency initially rose nearly 15% compared to last month. The latest peak of BTC could lead to a price increase for other assets. Dogecoin (DOGE) may follow the trajectory of BTC and reach a new peak.
DOGE has witnessed a significant price increase following Donald Trump's victory in the U.S. presidential election. This asset has risen 1.6% on the daily chart, 7.9% on the monthly chart, and 332% since December 2023. Despite the price increase, the memecoin has dropped 10.5% on the weekly chart and 7.6% on the 14-day chart.
Why does Dogecoin need to adjust?
The decrease in DOGE's price may be due to inflation in the United States rising by 2.7%. Investors may feel concerned when investing in risky assets. The cryptocurrency market has been stagnant recently. The market experienced a price surge last month after Trump's victory due to his pro-cryptocurrency stance. The current stagnation may be due to market participants waiting for the Federal Reserve meeting. DOGE and other assets may witness another price increase if the Fed takes a dovish stance.
Will Memecoin reach $0.90 after Bitcoin rises to $106,352?
We may witness another price increase across the market in the coming days. According to CoinCodex, the price of DOGE will stabilize in the coming months. The platform predicts that DOGE will continue to trade at the current level until at least February 20, 2025. CoinCodex predicts that DOGE will accelerate 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 would entail a price increase of about 125%.
Changelly has given a more pessimistic outlook for Dogecoin (DOGE). The platform predicts that DOGE will trade at a maximum price of $0.351 by March 2025. Reaching $0.351 from the current price would result in a decrease of about 13.33%.
