The broader digital currency ecosystem is facing a cautionary trend as the prices of top altcoins like Dogecoin (DOGE) take a breather. With Bitcoin (BTC)soaring to a new all-time high (ATH) above $94,000 earlier, most altcoins raced along, but investors are now taking a profit. Dogecoin faces a sharp rejection while attempting to cross the $0.40 price.
Dogecoin back to bounce
Dogecoin is one of the most volatile digital currencies on the market today. At the time of writing, the coin was trading for $0.3928, up 2.63% in 24 hours,according to CoinMarketCap. This uptick is a product of its internal volatility as the meme coin traded in the red in the early morning hours.
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The coin still maintains a deep correlation with Bitcoin, and the current rejection at $0.40 might be the boost it needs to move forward. Dogecoin has stayed in the spotlight throughout this bull rally. Analystsprojected the possibility of reaching the $1 mark.
Elon Musk has recently helped to fan DOGE’s popularity, as the X owner occasionally makes reference to the coin. Despite the proven trend, most investors still base their adoption of Dogecoin on Musk's posts.
In the near term, Dogecoin will move above $0.40 to reclaim its 30-day high of $0.4358.
Meme coin season remain in mild swing
The prices of most the meme coins are hovering close to their all-time highs (ATH). However, most of the tokens in this sector are facing intense rejections, proving how correlated they are to one another.
For instance, Shiba Inu (SHIB) is down by 1.62% to $0.00002457, and dogwifhat (WIF) has slumped by 2.59% to $3.351. PEPE has, however, maintained marginal growth, soaring by 0.69% in 24 hours to $0.00002038 amid an intensewhale boost.
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While each of these altcoins has its ecosystem and fundamentals, they are all positioned to fuel a unique rally as the broader market looks up to Bitcoin.
