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DOGECOIN PRICE ANALYSIS & PREDICTION (January 5) – Doge Signals New Rally But is Yet to Confirm, Now Facing $0.4
The cryptocurrency market has been in a state of flux recently, with many assets experiencing significant price swings. One such asset is Dogecoin, which has staged a major recovery in the past few days as the overall market bounced back from a correctional phase. This newfound momentum could potentially set the stage for another major rally.
In recent history, Dogecoin experienced its highest buying period in two years, reaching a peak of $0.48 in early December. However, it later ended the year in a correction mode after forming a double-top. Following a brief recovery from the $0.263 level, the price traded sideways for almost a week before initiating a buy signal in mid-week, leading to a surge and reclaiming a three-week high.
The recent surge has seen Dogecoin’s bulls back in action, with the asset now facing an important resistance at the $0.4 level. A successful breakout above this mark could set the stage for another major rally, potentially targeting levels of $0.6 and $0.75 in the near future.
However, if the bulls fail to push through this resistance level, we may see a slight pullback to the $0.35 level before attempting to rise again. An increase in volume is crucial at this point to set the price up for a strong surge in volatility. Currently, the daily volume indicator remains in a downward range.
A key level to watch moving forward will be the previously lost peak of $0.48. If Dogecoin can reclaim and close above it, we could see a significant upward momentum. On the other hand, if the price drops below the holding $0.365 support, it may pull 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 result in a sharp decline to levels of $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
Source: nulltx.com
