On February 16, 2025, Dogecoin (Doge) displayed several descending channels on its price table, as Tardigrade reported (@tatrader_alan) on X (formerly Twitter) (1). The DOGE / USD pair presented a large price action, the cryptocurrency reaching a hollow of $ 0.0845 at 2:30 p.m. UTC before rebounding at $ 0.0863 per 15:00 UTC (2). This movement occurred in the middle of a negotiation volume of around 2.1 billion Doge, an increase of 15% compared to the volume of 1.83 billion Doge (3) of the day before. At the same time, the DOGE / BTC negotiation pair showed a slight depreciation, with DOGE merchant at 0.00000156 BTC at 14:45 UTC, a drop in relation to the opening price of 0.00000158 BTC at 1:00 p.m. UTC (4). Channel data indicated an increase in active addresses, with an increase of 10% to 1.2 million active addresses in the last 24 hours, signaling increased interest in Doge (5). In addition, the feeling of the market was influenced by larger market trends, the global market capitalization increasing by 1.3% to 2.3 billions of dollars (6).
The potential escape of these decreasing channels, as the late merchant underlines, could deeply have the commercial implications for Dogecoin. If Doge was to break out over the upper trend line of the downward channel, currently observed at $ 0.087, it could trigger an upward momentum potentially pushing the price to its top of all time (ATH) of $ 0.7376, seen For the last time on May 8, 2021 (7). Such an escape could be supported by the increase in commercial volume, as seen with the overvoltage of 15%, indicating a strong market participation (3). In addition, the slight depreciation of the DOGE / BTC pair could be a sign of profit on the Bitcoin market, which could lead to a rotation of capital to altcoins like DOGE (4). Traders should monitor the relative force index (RSI) for Doge, which amounted to 62 to 3:15 pm UTC, indicating excessive conditions if the price continues to increase (8). The correlation between DOGE and the larger cryptography market, highlighted by the increase in market capitalization, suggests that any positive feeling on the market could further fuel the potential break of DOGE (6).
Technical analysis reveals that the mobile means of Dogecoin show signs of a potential reversal. The 50 -day mobile average (MA) for Doge was $ 0.085, while the 200 -day MA was $ 0.083 at 3:30 p.m. UTC (9). A golden cross, where the 50 -day MA crosses the 200 -day MA, could be imminent, signaling an upward trend (9). The rise in negotiation volume at 2.1 billion Doge still supports this bullish feeling, because the increase in volume often accompanies significant price movements (3). Bollinger for Doge’s bands were observed to widen, with the band greater than $ 0.088 and the band less than $ 0.083 at 15:45 UTC, suggesting volatility and increased potential for rupture (10). Channel metrics also support the bullish case, with the increase in active addresses and a 5% increase in the volume of transactions to 1.5 billion Doge in the last 24 hours (5). The reaction of the market to these technical indicators and data on the chain will be crucial to determine if Doge can get out of its descending channels and evolve towards new heights.
(1) Tardigrade trader (@tatrader_alan). X post. February 16, 2025.
(2) Coinmarketcap. DOGE / USD price data. February 16, 2025, 2:30 p.m.-5: 00 UTC.
(3) Coingecko. DOGE trading volume data. February 16, 2025.
(4) Binance. DOGE / BTC trading pair data. February 16, 2025, 13: 00-14: 45 UTC.
(5) Glassnode. Chain Dogecoin metrics. February 16, 2025.
(6) Coinmarketcap. Total crypto capilla. February 16, 2025.
(7) Coindesk. Historical Dogecoin data. May 8, 2021.
(8) TradingView. DOGE RSI data. February 16, 2025, 3:15 pm UTC.
(9) TradingView. Doge Moving does data on the averages. February 16, 2025, 3.30 p.m. UTC.
(10) TradingView. Doge Bollinger data. February 16, 2025, 3:45 pm UTC.