Is a new ATH still possible this round?

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Bitcoin and Dogecoin are two of the most watched cryptocurrencies in this cycle, with an increase in the price of Bitcoin largely flowing into the price of Dogecoin. At some point, the price correlation between the price of Dogecoin and Bitcoin was 0.97.

Dogecoin's recent performance amid Bitcoin's rise

Bitcoin has once again crossed the psychological threshold of $100,000 after a 7.5% price increase from a low of $94,900 on December 10. Notably, this upward movement is the latest recovery for Bitcoin after it was rejected at the $100,000 price level which sent shock waves of liquidations among other cryptocurrencies.

But while Bitcoin has shown resilience, Dogecoin has had particular challenges in maintaining its upward momentum. Dogecoin managed to rally to $0.48 on December 8, a level it hasn't touched since 2021. However, a closer look at the meme coin's price action reveals a recurring struggle with the $0.48 resistance level, which now seems to be the 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 this 2024 level of $0.48. As it stands now, Dogecoin is down about 13% in the past seven days, making it the worst performer among the top 10 cryptocurrencies by market cap in this period.

The DOGE exchange rate today stands at $0.39. Card: TradingView

Is New Dogecoin full-time still viable this cycle?

Market analysts have he gave different predictions regarding the potential and timelines of the price of Dogecoin to achieve a new all-time high in the current cycle. ogecoin reached the last high price of $0.73 during the crypto bull in May 2021. A break above this level is expected this cycle is still there, but the way forward looks challenging, especially if the price of Dogecoin were to diverge from the Bitcoin rally.

However, you could argue that the general consensus for Dogecoin to resume its rise anytime soon. Historically, Dogecoin price increases have been the result of sudden spikes in retail investor activity, often due to rumors on social media such as payments on X and things of that nature. For Dogecoin to surpass its all-time high in 2021, a similar wave of enthusiasm would need to emerge with large trading volume and renewed interest from both retail and institutional investors.