Dogecoin and other top coins have seen a major rally over the past few days as the overall market bounced back from a correctional phase. A successful breakout could set the stage for another major rally.
The final quarter of 2024 saw Dogecoin go through its highest buying period in two years, as it tripled to a high of $0.48 in early December. But then he ended the year in correction mode after making a double top.
After a quick recovery from the $0.263 level, volatility dropped and the price moved sideways for almost a week before initiating some mid-week buying. This led to a sharp rise and regained a three-week high.
Staging a new rally on the daily chart, Doge bulls are back in action, but the $0.4 level has posed a threat over the past few hours. Crossing it could take us back to the recent high with potential upside.
If the bulls fail to push higher, we could see a slight pullback to the $0.35 level before moving higher. An increase in this volume should prepare the price for a strong surge in volatility. Currently, the daily volume indicator is still in a bearish range.
The key DOGE level to watch
Source: Commercial view
The latest purchase aims to regain the previously lost peak of $0.48. Breaking above this level could lead to a serious rally to $0.6 and $0.75 in the near future.
If Doge falls below the $0.365 holding support, it could return to the $0.31 level for a rebound. Although the continued rise is supported by the $0.262 level, a decline below could see the price drop to $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
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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