Dogecoin Price Analysis: DOGE Faces Another Selloff as Altcoins Weakens Against Bitcoin

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• The wider crypto market may be attempting to follow the Gold price but the short-term selloff continues to persist.

• DOGE price has potentially bottomed, but a retest could happen again before market reversal.

Dogecoin (DOGE), the largest memecoin by market capitalization, remains highly synchronized with Bitcoin’s (BTC) price action. Most importantly, the large-cap memecoin, with a fully diluted valuation of about $23.5 billion and a 24-hour average trading volume of about $1 billion, has been recording a similar fractal pattern to the 2021 and 2017 bull cycles.

As a result, the odds of a major parabolic rally before the end of 2025 remain palpable, especially catalyzed by the notable rally of Gold price.

Delayed Altseason Threatens Short-term Dogecoin Price Outlook

The involvement of the government in the crypto market through complex global regulations has significantly impacted the four-year crypto cycle. During the 2021 crypto cycle, most of the altcoins were in price discovery during the second quarter, with large-cap altcoins having reached respective peaks.

I think that #ALT / #BTC pairs will continue to bleed here, just like they did last year when the Fed announced they would slow Quantitative Tightening (QT). #BTC dominance to 66% pic.twitter.com/HGBh6Ob7Gl

— Benjamin Cowen (@intocryptoverse) April 21, 2025

According to crypto analyst Benjamin Cowen, the altcoin market will continue to bleed to Bitcoin in the near term. The crypto analyst expects Bitcoin dominance to reach 66 percent in the coming weeks, thus causing altcoins to drop another 10-20 percent.

In the daily timeframe, the DOGE price has been retesting a crucial logarithmic support level established since 2023. Although DOGE price has signaled a breakout from a YTD falling logarithmic trend, the MACD and Relative Strength Index (RSI) have not yet signaled the onset of bullish sentiment.

As a result, DOGE’s price is well positioned to drop towards 14 cents again before rebounding towards price discovery soon.

DOGE’s Bigger Picture

Backed by a robust online community of more than 6 million on-chain holders, Dogecoin has grown to be a major crypto asset. Most importantly, the unwavering support from tech billionaire Elon Musk and his family of unicorns has helped attract more institutional support.

Already, several fund managers have filed with the U.S. SEC to offer spot DOGE ETFs. Meanwhile, Dogecoin’s core developers are seeking to expand the network to cover the DeFi ecosystem.

Furthermore, the DeFi ecosystem has helped top-tier layer one chains, such as Solana (SOL), remain competitive in the past two years.