DOGECOIN PRICE ANALYSIS & PREDICTION (January 5) – Doge Signals New Rally But is Yet to Confirm, Now Facing $0.4

2025-1-6 08:20

Dogecoin and other top meme coins have staged a major recovery in the past few days as the overall market bounced back from a correctional phase. A successful breakup could set the asset for another major rally.

The last quarter of 2024 saw Dogecoin through its highest buying period in two years as it rallied 3x to a peak of $0.48 in December in early. But it later ended the year in a correction mode after making a double-top.

Following a quick recovery from the $0.263 level, the volatility dropped and the price traded sideways for almost a week before initiating a buy in the mid-week. This led to a surge and it reclaimed a three-week high.

Staging a new rally on the daily chart, Doge’s bulls are back in actions but the $0.4 level has been posing threat over the past hours. Pushing through it could bring us back to the recent peak with a potential surge.

If the bulls fail to push higher, we may see a slight pullback to the $0.35 level before rising back. An increase in this volume should set the price up for a strong surge in volatility. Currently, the daily volume indicator is still in a downward range.

DOGE’s Key Level To Watch

Source: Tradingview

The latest buying is aimed at retaking the previously lost $0.48 peak. Breaking above it could result in a serious rally to $0.6 and $0.75 in the near future.

If Doge drops below the holding $0.365 support, it may pulled back into the $0.31 level for a rebound. While the ongoing surge is supported by the $0.262 level, a drop below it could plummet the price to $0.22 and even $0.18.

Key Resistance Levels: $0.48, $0.6, $0.75

Key Support Levels: $0.365, $0.262, $0.22

Spot Price: $0.381 Trend: Bullish Volatility: High 

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: avirozen/123RF // Image Effects by Colorcinch

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