Why The DOGE Price Rally Could Foretell An Altcoin Season

Market participants and crypto traders will feel the nostalgic effects of the 2021 bull market. Due to Elon Musk’s Twitter takeover, meme coins are trending up. Dogecoin is expected to be a part of the future as the billionaire who bought the social media platform for more than $40 billion. 

As of the writing time, $0.13 is the DOGE market price. This was the highest since May 20,22. Meme coin has a huge profit of 56% over 24 hours, and 121% in seven days. The general sentiment in the market is optimistic for the first time since the Ethereum “Merge.” 

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DOGE’s price trends to the upside on the daily chart. Source: DOGEUSDT Tradingview

Doge Price Forecast for Altcoins: Better Days

Crypto traders are speculating on a possible upside movement for altcoins or meme coins across social media. In addition to DOGE’s price, Shiba Inu has seen positive momentum and 35% profit over the last week. 

According to a pseudonym trader, SHIB’s price lags behind DOGEThe short-term could offer further upside. On its way to the upside, SHIB’s 200-day Exponential Moving Average (EMA) could operate as critical resistance. 

Traders bet on DOGE’s price collapse. If too many shorts piled up on the token’s price action, DOGE might have fueled to extend its bullish momentum. SHIB, and other altcoins, might see a break through resistance levels if DOGE continues its upward trend. 

In that sense, leverage positions to the upside or downside could risk more spikes in Dogecoin’s volatility. DOGE may see price action break out from the narrow sideways range that is currently being announced by Twitter. 

Sam Trabucco, the former CEO at Alameda Research in 2021, highlighted that the DOGE price is susceptible to “bullish impetuses.” This phenomenon makes the meme coin’s moves more extreme, with the potential to surpass market expectations. 

Bitcoin to Outperform by DOGE and Meme Coins

Dogecoin’s influence over the crypto market is starting to influence critical metrics. Bitcoin dominance (BTC.D), used to measure the percentage of the market formed by BTC’s market capitalization, is taking a massive loss. 

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BTC’s dominance trends to the downside on the daily chart. Source: BTC.D Tradingview

The metric began to rebound following a major selloff. Altcoins may be able to take the crown as number-one cryptocurrency in terms of market capital, although it is currently showing positive momentum. 

DOGE is likely to trend higher as the Bitcoin dominance trend continues downwards. This will push the altcoin market up. Nonetheless, positions are high-risk and susceptible to volatility at the moment in Dogecoin’s rally. 

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