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DOGECOIN PRICE ANALYSIS & PREDICTION (January 5) – Doge Signals New Rally But is Yet to Confirm, Now Facing $0.4
Market Analysis
Doge’s bulls are back in action as the asset stages a new rally on its daily chart. The recent price surge has sent shockwaves throughout the market, but it remains uncertain whether this momentum can be sustained.
The cryptocurrency has been through quite an eventful period over the past few weeks, with highs and lows that have left many traders questioning what’s next for DOGE. One thing is clear: any significant failure to break above $0.4 would put a major dent in the potential rally.
A look at the recent past reveals some fascinating facts about Dogecoin. The last quarter of 2024 saw the asset through its highest buying period in two years as it rallied 3x to a peak of $0.48 in early December. However, it ended the year in a correction mode after forming a double top.
After making a quick recovery from the $0.263 level, DOGE’s price traded sideways for nearly a week before initiating another buying spree mid-week. This sudden surge saw the asset reclaim its three-week high.
The current rally on the daily chart indicates that Doge’s bulls are indeed active once more. However, the crucial $0.4 level has been posing a significant threat over the past few hours. If this level is successfully broken through, we can expect to see prices climb back up to recent highs.
On the other hand, if DOGE’s bulls fail to push the price higher, it may result in a slight pullback down to $0.35 before the uptrend resumes. An increase in volume would likely set the stage for another surge in volatility.
The daily volume indicator remains in a downward range at this time.
DOGE’s Key Level To Watch
Source: Tradingview
As we navigate these uncertain waters, it is crucial that traders pay close attention to DOGE’s recent key resistance and support levels. In the near future, any significant failure to break above $0.4 would put a major dent in the potential rally.
Source: nulltx.com
