Is the altcoin season here? Well dogecoin is showing strength in a relative sideways market.
Dogecoin is trading in a Channel Down pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines.
With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
For on-demand analysis of any cryptocurrency, join our Telegram channel.
Dogecoin Next Target
- Price: $0.2723
- Market Capitalization: $36.96 billion
- 24-Hour Trading Volume: $2.04 billion
- Circulating Supply: 147.95 billion DOGE
- Total Supply: 147.95 billion DOGE
Trading in a Channel Down pattern. Price has bounced off of Channel support at $0.23 and 200-day Moving Average and could approach $0.30 resistance next.
Technical Indicators
- 50-Week Simple Moving Average (SMA): The 50-week SMA is poised to cross above the 100-week SMA. This pattern was observed in late 2020 that led to significant price increases.
- 14-Week Relative Strength Index (RSI): The RSI has surged past 70.
- Trend: Short-term trend is Down, Medium-term trend is Down, Long-term trend is Neutral.
- Momentum: Price is reaching near overbought territory .
- Support and Resistance: Nearest Support Zone is $0.23. Nearest Resistance Zone is $0.30, then $0.40.
Recent News
- Grayscale Launches Dogecoin Trust: On January 31, 2025, Grayscale Investments announced the Grayscale Dogecoin Trust.
- Frankenmuth Credit Union Expands Crypto Offerings: In December 2024, Frankenmuth Credit Union expanded its crypto portal to include Dogecoin.
For on-demand analysis of any cryptocurrency, join our Telegram channel.
