- DOGE price rose over 300% from its January low, recording a yearly high above $0.45.
- Dogecoin’s price currently sits at $0.31, with a market cap of $45.87B, after a pullback following BTC’s trend.
The global crypto market has seen a dip due to Bitcoin’s slide to $92K. However, optimism remains high as altcoins continue to hold steady, with notable support levels maintained by leading cryptocurrencies like XRP, Solana (SOL), and Dogecoin (DOGE). Among these, the leading memecoin DOGE is making waves with strong support from tech mogul Elon Musk.
Following the buzz created by Musk and Trump’s D.O.G.E (Department of Government Efficiency) initiative, the price of Dogecoin soared above $0.48, lifting the overall memecoin market cap to an impressive $97 billion.
However, it has since retreated back to the $0.30 level, as it strongly follows Bitcoin’s trend. At the time of writing, the DOGE price is $0.31, holding a market cap of $45.87 billion. Additionally, the daily trading volume of Dogecoin stands at $2.36 billion, a 21% increase in the past 24 hours.
Despite this recent dip, Dogecoin is still up over 300% from its January lows and market speculation is rising that DOGE could break into the $1 zone in 2025 as the new year approaches.
Dogecoin Technical Outlook
On the technical front, Dogecoin is currently in a pullback phase, facing resistance that has resulted in bearish reversals, keeping the bullish momentum in check. The price is showing rejection at higher levels, with the current 4-hour candle failing to break above the resistance trendline.
With an RSI of 43, the market sentiment remains neutral, showing no significant buying or selling pressure. The CMF at -0.00 indicates a balance between buying and selling, suggesting a period of consolidation in the coming days.
Zooming in, Dogecoin is trading in a range, above the lower Bollinger Band but below the upper band, indicating neutral to slightly bullish conditions. However, the alignment of the 20, 50, 100, and 200 SMA lines above the Dogecoin price acts as dynamic resistance, potentially limiting any upward movement and causing fluctuations during attempts at a breakout.
Further, the MACD below the signal line suggests a bearish trend, with selling pressure currently dominating. Finally the sideways trend over the past week hinting that momentum is needed for a breakout.
If Dogecoin breaks above the $0.34 resistance, the price could target $0.37, potentially reaching $0.40 or $0.44. However, if it drops below $0.30, it may test support at $0.28 or $0.2658.
As the market braces for the upcoming year, Dogecoin’s future remains uncertain, with many eyes on the potential for a breakout.
Highlighted Crypto News
