It is no hidden fact that Bitcoin [BTC]\u2019s<\/a> dominance in the crypto market has a profound effect on other cryptocurrencies and their price movements. And <\/span>stuck in a similar conundrum is the memecoin, Dogecoin [DOGE]<\/a>, which has been stuck following the king coin\u2019s defined trajectory. <\/span>But with Bitcoin consolidating for over a month now, DOGE has found the right opportunity to escape.<\/span><\/p>\n The correlation Dogecoin shared with Bitcoin at the time of writing fell to a low of 0.23, the lowest since May 2021. In a bull market, such development may not be in the best interests of an altcoin.<\/span><\/p>\n Dogecoin\u2019s correlation to Bitcoin <\/em> | Source: Intotheblock \u2013 AMBCrypto<\/a><\/p>\n<\/div>\n However, given Bitcoin has been unable to move beyond $20k, it might be the best thing to happen for Dogecoin.<\/span><\/p>\n In the past as well, every time DOGE\u2019s correlation with BTC was at a low, the active trend arrived the place of the altcoin with a delay. <\/span>For instance, right as the June crash was about to begin, Bitcoin began exhibiting signs of a price fall by 8 June itself, whereas Dogecoin, despite the broader market\u2019s bearish pressure, delayed the same by 48 hours, beginning its descent on 10 June.<\/span><\/p>\n Bitcoin price action <\/em> | Source: TradingView \u2013 AMBCrypto<\/a><\/p>\n<\/div>\n Although only good won\u2019t come out of this every time since decoupling from Bitcoin\u2019s trajectory will leave Dogecoin vulnerable to volatility, which is exactly what it has been witnessing over the past few days.<\/span><\/p>\n On the Relative Strength Index (RSI) front, while Bitcoin is charting a gradual incline, DOGE just missed the entry into the bullish zone and instead fell below to bearish zone, again. Its 14-month-long downtrend continues to act as resistance, testing which the meme coin fell by 15.44% this week.<\/span><\/p>\n Dogecoin price action <\/em> | Source: TradingView \u2013 AMBCrypto<\/a><\/p>\n<\/div>\n Here on, if it does escape Bitcoin\u2019s trap disguised safety net of consolidation, Dogecoin could potentially decline again as the candlesticks are still below the basis of the Bollinger Bands.<\/span><\/p>\n Furthermore, it isn\u2019t noting much support from the investors either, which is how its market value has been sitting at almost negative 60% for a little over a month now.<\/span><\/p>\n Dogecoin market value <\/em> | Source: Santiment \u2013 AMBCrypto<\/a><\/p>\n<\/div>\n But the Dogecoin team isn\u2019t giving up and is desperately trying to rile up its community by dedicating themselves to the project in whatever ways one can.\u00a0<\/span><\/p>\n #Dogecoin<\/a> is nothing without our #DogeFam<\/a>. We always need YOU. If you’re a developer, a translator, a writer or a memer, come and join us! Make sure to also follow @dogecoin_devs<\/a> and @DogecoinFdn<\/a> for more ways on how you can be a part of our decentralized journey to the moon!<\/p>\n \u2014 Dogecoin (@dogecoin) July 14, 2022<\/a><\/p>\n<\/blockquote>\nDogecoin on a different path<\/span><\/h3>\n
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<\/a><\/p>\n![\"\"](\"https:\/\/files.ambcrypto.com\/wp-content\/uploads\/2022\/07\/16140054\/BTCUSD_2022-07-16_13-58-21.png\")
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<\/a><\/p>\nDOGE won\u2019t give up<\/h3>\n
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