Dogecoin Price Could Rally to $0.48 If Bulls Regain Dominance

Highlights:

• Dogecoin price has risen almost 1% to $0.33 as the market recovers.
• The recent Bitwise filing with the SEC for DOGE ETF has enhanced $DOGE’s credibility and investment appeal.
• The analyst predicts a strong rally in Dogecoin price to $0.48 if the $0.40 resistance gives way. 

The Dogecoin price is up almost 1% to trade at $0.33 as the crypto market recovers. However, its daily trading volume has plunged 30% to $1.29, indicating a fall in market activity. Fundamentally, Dogecoin continues to gain traction as a meme coin with tangible use cases, including tipping and micropayments. The recent Bitwise filing with the SEC for DOGE ETF has enhanced $DOGE’s credibility and investment appeal.

Furthermore, Elon Musk’s support for Dogecoin keeps the asset in the spotlight, providing intermittent surges in investor confidence. However, a move past $0.35 will depend heavily on broader market conditions and whether Bitcoin and other major cryptocurrencies sustain their upward trends. Elsewhere, a crypto analyst on X says that a break above the $0.40 mark may see Dogecoin price rally beyond the $0.48 mark. 

$DOGE testing demand and could see a reaction soon

Break above 0.407 can send DOGE to 0.48+

– ETFs under SEC review 👀
– Elon Musk’s DOGE hype still alive

B U L L I S H pic.twitter.com/plvFgTKkwP

— BlockchainBaller (@bl_ockchain) January 31, 2025

Will DOGE capitalize on its momentum and reach new heights, or will resistance levels dampen its progress?

DOGE Statistical Data

Based on CoinmarketCap data:

• DOGE price now – $0.33
• Trading volume (24h) – $1.29 billion
• Market cap – $48.98 billion
• Total supply – 147.85 billion
• Circulating supply – 147.85 billion
• DOGE ranking – #8

The Dogecoin price still reveals an ongoing struggle between the bulls and the bears, with DOGE currently trading around $0.33. Notably, the RSI Divergence Indicator sits at 44, reflecting neutral momentum that could swing in either direction.

Dogecoin Price Set for a Rally to $0.48

Looking at the daily chart timeframe, Dogecoin is showing potential to retest its previous high of $0.48, fueled by its resilient price action and growing market optimism. Its position above the key support level at $0.22, coinciding with the 200-day MA, supports the highly anticipated bullish momentum in the market.

If the bulls regain dominance, they may push prices toward the first resistance at $0.35. Breaching this level could unlock further gains, with the next resistance at $0.43 and a more ambitious target at $0.48. Historically, Dogecoin’s price surges have often been catalyzed by community enthusiasm and high-profile endorsements, and similar factors could reignite a rally. Breaking above $0.35 would likely invite fresh buying interest, potentially driving prices beyond $0.45 and signaling a new bullish cycle.

On the downside, if the bearishness in Dogecoin’s price increases, Dogecoin could face a pullback. Support levels are positioned at $0.31, followed by a firmer safety net at $0.27. Should broader market sentiment deteriorate, DOGE could retreat to the critical support at $0.25. Given these dynamics, traders might watch for confirmation signals from the RSI before entering positions.

A closer look at the RSI, with its position at 44.27, paints neutral momentum. This indicates a strong tug-of-war between the bulls and the bears; however, the odds tend to lean to the downside. If the RSI breaks above 50, it could be a bullish trigger; otherwise, caution is advised. 

The MACD indicator crossed below the orange signal line, making the bigger picture bearish. This shows that the bears are slowly gaining control, which might lead to further downside in the Dogecoin price.