Dogecoin Can't Keep Up with Bitcoin's Recent Surge: Can DOGE Reach ATH in This Cycle?

Bitcoin and Dogecoin are among the most tracked cryptocurrencies in this cycle, with Bitcoin's price increase mainly flowing into Dogecoin. At some point, the price correlation between Dogecoin and Bitcoin reached 0.97. It's interesting that the recent market fluctuations have seen Bitcoin's price return to over $100,000 once again, with the leading cryptocurrency reaching as high as $102,700 in the past 24 hours. However, this has not translated into a corresponding increase in the price of Dogecoin, with the meme coin breaking below the $0.4 support level in the same time frame. Recent performance of Dogecoin in the context of surging Bitcoin Bitcoin once again surpasses the psychological threshold of $100,000 after a 7.5% increase from the low of $94,900 on December 10. Notably, this price increase is the latest recovery of Bitcoin after being rejected at the $100,000 level, causing a wave of liquidation in other cryptocurrencies. But while Bitcoin has shown the ability to recover, Dogecoin has faced significant challenges in maintaining its upward momentum. Dogecoin rose to $0.48 on December 8, a level it had not touched since 2021. However, upon closer examination of the price movement of this meme coin, we see a constant struggle with the $0.48 resistance level, which seems to be a resistance level to break this market cycle. At the time of writing, Dogecoin is currently trading at $0.395, meaning it has lost about 17% since reaching its highest level in 2024 at $0.48. Currently, Dogecoin has decreased by about 13% in the past seven days, making it the worst-performing cryptocurrency among the top 10 by market capitalization during this period. Can Dogecoin reach a new all-time high in this cycle? Market analysts have made different predictions about the potential and timing of Dogecoin reaching a new all-time high in the current cycle. The most recent peak price of Dogecoin was $0.73 during the cryptocurrency rally in May 2021. The prospect of surpassing this level in this cycle still exists, but the road ahead seems challenging, especially if Dogecoin continues to diverge from Bitcoin's upward trend. However, you could argue that the general consensus is that Dogecoin will soon continue its upward trend. Historically, the sudden increase in Dogecoin's price is due to a surge in retail investor activity, often fueled by social media rumors like payment on X and similar things. For Dogecoin to surpass its highest point in 2021, a similar enthusiastic wave would need to emerge with significant trading volume and new interest from both retail investors and institutions. By the end of 2024, a more plausible scenario for Dogecoin reaching new highs may emerge in early 2025. By then, changes in the global economic and political landscape, including Donald Trump's presidential inauguration, could create optimism in the cryptocurrency sector. DYOR! #Write2Win #Write&Earn $DOGE {spot}(DOGEUSDT)