Dogecoin ($DOGE) has its hopes tied to how Bitcoin (BTC) makes a move on the price chart. So far, BTC has maintained its $65,000 margin by trading at $66,157.65, up 6.39% in the last 24 hours. DOGE is aiming for a growth rate of 15%. It is imperative for BTC to hold on to its near resistance.
However, a fall to $0.12 could invalidate the ongoing bullish sentiment. A dissenting trendline appeared for the first time since the concluding days of March this year, that is 2024. Now, the Relative Strength Index (RSI) is showing higher lows, bolstering bullish sentiments around it.
An early resistance for DOGE is set at $0.16. The token is exchanging hands at $0.1561, up by 4.70% in the last 24 hours and 7.11% in the last 7 days. Notably, it has breached the $22 billion level in terms of market cap after marking an uptick of 4.71%. The 24-hour trading volume was up by 18.93% at the time of writing this article.
The Awesome Oscillator (AO) is demonstrating a move toward positive territory. It has a major bullish momentum. As DOGE climbs higher, it will strengthen the resistance and sentiment across the meme coin segment of the crypto market. DOGE is further expected to test the psychological level of $0.2 at the earliest.
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A tentative timeline is hard to draw, but one can expect it to happen by the end of this year, which is 2024. A faster upswing in BTC/USD charts could fuel the acceleration, considering they share a close tie. DOGE is also aiming to stay ahead of SHIB, limiting its efforts to bridge the market cap for the top position in the meme segment.
Bitcoin is expected to hit the milestone of $75,000 since it has already breached the mark of $65,000, coming out of its consolidation phase. The higher the BTC test levels, the higher the value of Dogecoin moves. Or, at best, gets a chance to dance in bullish tones.
Dogecoin is currently tasked with not stooping to the mark of $0.11, which invites bearish sentiments.
Other factors that could affect its momentum are its economic and trade set-up. The economic factors include the rate cut decision by the Fed Reserve. It would primarily affect Bitcoin, but it would also have a Domino effect on other cryptocurrencies. Trade set-up entails enhancing liquidity and increasing risk appetite. This entirely depends on how long investors are willing to go or how much they are looking to explore the crypto market.
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Any inflow is significant because it instills confidence within the sphere. Plus, the growing recognition of the crypto market via ETFs benefits every token.
