Dogecoin has witnessed intense volatility over the last week, with DOGE price swinging from a low of $0.157 to a peak of $0.185, but for a short time. While this price action was part of a growing bullish sentiment in the wider crypto market regarding Dogecoin’s price prediction, the meme coin dropped again to $0.172 days ago.
This turbulent price action leaves Dogecoin and token holders in an unstable position. The price again threatens to plunge below the $0.17 price mark that traders had expected would be its turning point for growth.
The abrupt upswing and equally sharp consolidation are the latest instances of DOGE’s price volatility, which is now likened to another macro-asset, Bitcoin’s performance against gold. Here’s an analytical breakdown of Dogecoin price prediction and actions for investors hoping to become Dogecoin millionaires.
Dogecoin Price Prediction Might Follow Bitcoin’s Direction
Bloomberg Intelligence Senior Analyst Mike McGlone shared a chart on X indicating an eye-catching overlay of Dogecoin’s market cap direction and the Bitcoin-to-gold price proportion. For McGlone, these two assets have had similar market movements for some time, demonstrating what he called the “same-chart syndrome.”
The chart analysis shows that Dogecoin’s market cap and the Bitcoin/gold cross have moved in similar directions since December 2024. McGlone’s analysis highlights how both assets have regarded an upward trendline for over seven months but cautions that this support on the charts may not last much longer.
From the resemblance between Dogecoin’s chart and Bitcoin’s performance relative to gold signals, McGlone says a bearish result may be looming. The matching patterns between the two charts, rising massively in 2024 and then plunging to an ascending support line, indicate that Dogecoin price prediction may be near a bearish run rather than a full-blown bullish surge. McGlone predicts the ascending support trendline will get breached in no time.
Dogecoin Price Prediction Amid Recession Fears
McGlone’s prediction that the ascending support trendline will be breached will definitely send the Dogecoin market cap below. This possibility negates the dominant sentiment among analysts, who are confident that DOGE will witness a larger rally before the end of 2025.
Yet, McGlone did not establish his bearish Dogecoin price prediction solely on price movements. His post also tied the predicted Dogecoin and Bitcoin/gold breakdown to other macroeconomic possibilities, especially the chances of a delayed recession hitting the US market.
The ascending support line that has kept the Dogecoin market cap steady is currently around $22 billion. It is a critical level to watch. At press time, DOGE trades at $0.1819 with a market cap of $27.11 billion.
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