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Dogecoin (DOGE) Price Prediction Today
As of January 30, 2025, the popular meme coin, Dogecoin (DOGE), is experiencing a significant price surge, recovering from its recent downtrend. According to market analysis and technical evaluation, DOGE seems to be forming a bullish double-bottom pattern on the daily time frame.
Currently, the price of DOGE is trading at around $0.33 with an impressive 4.05% growth over the past 24 hours. The significant price reversal from the crucial support level of $0.31 has garnered immense attention and confidence among traders and investors. As a result, there has been an 8.5% increase in trading volume compared to the previous day.
In terms of technical analysis, if DOGE manages to hold its current support level, it is highly likely that the meme coin could rise by approximately 25% and reach $0.41 in the near future.
Furthermore, a glance at the Relative Strength Index (RSI) reveals that DOGE’s RSI currently stands at 45, indicating strong potential for further upward momentum.
On-chain analytics from Coinglass also suggests that traders have been betting on the long side of DOGE, as there has been an outflow of $11.50 million worth of DOGE from exchanges to wallets. This significant movement signifies a possible accumulation and could create buying pressure leading to a potential upswing.
It is noteworthy that the DOGE Long/Short ratio currently stands at 1.056, signifying the highest bullish sentiment since December 2024. Moreover, an astonishing 53.5% of top traders are holding long positions while only 46.5% hold short positions, indicating a strong bias towards the long side.
Taking these factors into account, it appears that bulls are dominating and could potentially push DOGE to achieve its predicted price target in the coming days.
Source: coinpedia.org
