- The Dogecoin price oscillates near the support area of $ 0.33 and is looking for an escape.
- ETF speculation stimulates the feeling of the market, attracting whale investors and fueled optimism.
Since mid-January, Dogecoin (Doge) has been negotiated in a tight price range. With the price of Bitcoin which dates back to $ 105,000, the same space also faced a slight blow while the price of Dogecoin has trouble resuming the momentum.
In the midst of indecision among market players, the Dogecoin price has always remained above the fork support area of $ 0.3,100 and maintains the EMA brand of 100 days.
At the time of the press, the price of Dadecoin was negotiated at $ 0.3292, noting a drop of more than 0.47% in the last 24 hours. Its market capitalization amounted to $ 48.66 billion, ranked 8th in the global cryptography market.
Etf Buzz Sparks Market Movement: What is the next step?
The market displays growing optimism as investors speculate on the possibility of a fund negotiated by Dogecoin (ETF). The recent Bitwise ranking for a place DOGECOIN ETF increased the interests of traders, which made them actively follow the developments.
Such an ETF, if it was approved, would stimulate both the adoption of Dogecoin and market participation which could lead to a significant increase movement.
In addition, investors of the Dogecoin whale continue to add Dogecoin to their portfolio which shows their conviction about the appreciation of future prices.
Historically, the activity of the whales has been shown as a precursor of substantial price movements, but a recent activity indicates that a potential price escape could become a reality to come.
Breakout entering? Past trends show strong similarities
The current Dogecoin price movement reveals similar patterns those observed in previous market cycles. The analyst observes that Dogecoin is in cycle 3 where his movement corresponds to historical models leading to a significant increase in prices.
Dogecoin experienced an initial consolidation of prices during its stages of cycle 1 and cycle 2 before undergoing massive exponential growth.
Current consolidation is underway nearly $ 0.329 and a historical analysis shows that an escape could be set if $ 0.35 is violated.
Consequently, an escape and a maintenance above this level could push the price of the higher Doge, with the next resistance at $ 0.40.
However, not violating this level could mean a retest of the support area of $ 0.32 with a drawback at $ 0.30 if the bears persist.
Dogecoin price prediction: Is a rally to $ 1 possible?
A recent Lucky article on x Mastiff began to capture market interest and start a massive rally. In case of successful waste beyond $ 0.4,000, it could see a clear advantage towards the bar of $ 1.
The price action demonstrates a consolidation phase with a low -volume thrust. Following a huge gathering of bulls of more than 200% in November-December 2024, the Dogecoin price remained laterally in the last three weeks and failed to take on a significant dynamic.
The daily RSI has remained below the midline at 44, which means the lack of bullish momentum. In addition, the ADX below 20 has described the low trend.
In addition, open interest (OI) fell by more than 1.83% to $ 3.94 billion, which represents a long relaxation decision. This indicates that buyers were not confident to resume the price rally.
Immediate support areas were $ 0.3,200 and $ 0.3,100, while resistance areas were $ 0.3,500 and $ 0.3,800.
Non-liability clause
This article is for information purposes only and does not provide any financial advice, investment or other advice. The author or any person mentioned in this article are not responsible for any financial loss which may occur by investing or negotiating. Please do your research before making financial decisions.
Varuni has been in the web3 space for half a decade, witness to the changing DLT, blockchain and web3 dynamics. With 8 years of journalistic expertise, she is strongly interested in emerging technology and their impact on society. She has published news and chain analysis articles on the NASDAQ as well as in some of the best new crypto companies. Currently, she heads the republican corner as editor -in -chief.