Dogecoin Price Analysis: DOGE Holds Strong Amidst Dogwifhat's Surge
Dogecoin (DOGE) is maintaining its position as a leading meme currency, despite Dogwifhat's recent outperformance. Currently priced at $0.1, DOGE is showcasing resilience in the face of market fluctuations, with a slight decrease of -4.02%.
While Dogwifhat may be stealing the spotlight, Dogecoin is still leading the pack of meme currencies in the north. As long as DOGE continues to defend its gains, there remains upside potential, with the possibility of recapturing its recent peak reached on March 2.
However, a drop below the $0.1356 support level could undermine the bullish thesis, potentially leading to a prolonged decline.
Both Dogecoin (DOGE) and Dogwifhat (WIF), along with other meme currencies with significant market capitalizations, are currently trading with a positive bias. Despite Dogwifhat's recent surge of over 420% in the past week compared to DOGE's 69% increase, Dogecoin is resilient, defending its support levels.
The correlation between the price of Bitcoin (BTC) and Dogecoin (DOGE) remains significant, with data from IntoTheBlock indicating an 85% link between the two. The ongoing Bitcoin rally, fueled by increased interest in Bitcoin exchange-traded funds (ETFs) and the approaching Bitcoin halving, bodes well for Dogecoin's future.
Analyzing Dogecoin's price in light of the strengthening Bitcoin-Doge connection, recent price action suggests a bullish outlook. DOGE successfully turned its ascending trendline into support on March 1st, indicating potential for further increases as long as this trendline holds.
A move towards the $0.1510 range high, approximately 7% above current levels, could be anticipated with increased buying pressure. In an optimistic scenario, DOGE might even surpass this level to reach $0.1600, marking a 13% increase from current levels.$DOGE
