In recent comments, a cryptocurrency strategist known for his contrarian views cautioned about potential declines in Dogecoin (DOGE) even as Bitcoin (BTC) continues to rise. The analyst, who is skeptical of popular price movements, suggested that DOGE might face challenges regardless of Bitcoin's performance.

Currently, Dogecoin is trading at $0.1649, marking a 1.32% decline over the past day and a noticeable 1.28% drop over the past week. Despite these fluctuations, Dogecoin holds a market cap of $23.7 billion, placing it 8th in the Coinmarketcap ranking.

The strategist highlighted two primary scenarios where DOGE could lose value. Firstly, if Bitcoin experiences a significant price rejection or downturn, it could lead to a broader market shift away from altcoins like Dogecoin. Secondly, a strong upward movement in Bitcoin, potentially towards $100,000, could attract liquidity away from altcoins, including DOGE, as investors prioritize Bitcoin's rally.

Analysts have also pointed out that Dogecoin faces substantial resistance levels, particularly between $0.166 and $0.171, where a significant number of DOGE tokens are held across 75,500 addresses. Overcoming this resistance could potentially pave the way for DOGE to double in value, with the next major resistance level around $0.322.

Despite recent increases in Dogecoin's 24-hour trading volume, which rose by 12% to $1.5 billion, rumors of short-selling have emerged amid its price decline. This dynamic suggests ongoing volatility and investor caution surrounding the meme-inspired cryptocurrency.

In conclusion, while optimistic forecasts exist for Dogecoin's potential growth if key resistance levels are surpassed, analysts remain wary of potential downside risks, especially in the context of Bitcoin's dominant market influence and fluctuating investor sentiment towards altcoins.