Dogecoin Price Jumps 5% as Strong Bullish Sentiment Bolsters – Is DOGE Set for a 39% Rally?

Highlights:

• Dogecoin price skyrockets 5% to $0.34 despite the turbulent crypto market.
• DOGE’s daily trading volume has spiked 92% to $3.75B, showing increased investor confidence. 
• According to on-chain analytics data, 81.43% of traders currently hold long positions on DOGE, signaling a strong bullish sentiment.

Despite the turbulent crypto market, the Dogecoin price boasts a bullish muscle today, surging 5% to $3.44 in the past 24 hours. DOGE attracts significant attention from crypto enthusiasts, with traders showing notable confidence as the trading volume spikes 92% to $3.75B. 

According to Coinglass, an on-chain analytics firm, 81.43% of traders currently hold long positions on DOGE, signaling a strong bullish sentiment. The DOGE long/short ratio stands at 1.04, indicating that most traders are betting on price increases. Only 49.01% are in short positions, while 50.99% are in long. This ratio reflects traders’ belief in DOGE’s potential for recovery soon. 

Dogecoin Statistical Data

Based on CoinmarketCap data: 

• DOGE price now – $0.3444
• Trading volume (24h) – $3.75 billion
• Market cap – $50.85 billion
• Total supply – 147.61 billion
• Circulating supply – 147.61 billion
• DOGE ranking – #7

Dogecoin’s price recently reached a crucial support level of $0.30. Historical data shows that when DOGE approached this price point in the past, it rallied by over 29%, reaching up to $0.40. Experts are forecasting a similar rally this time, provided the price stays above the $0.30 mark. 

I said this on the premium members stream yesterday and I will say it here. As long as #Dogecoin is above .26 cents and trading in this bullish falling channel then higher prices are to be expected. Measured move target of this pattern is $1.30 if it breaks out. Lot's of work to… pic.twitter.com/dN695gUwV4

— Kevin (@Kev_Capital_TA) January 13, 2025

Meanwhile, traders interested in holding long positions in DOGE and possibly desire to seek more exposure to the meme coin may do so assured that the golden cross pattern on the 1-day chart is a bullish gesture. A golden cross comes into the picture when a short-term moving average (50-day SMA) crosses above a long-term moving average (200-day EMA). However, to be safe, the bulls must bring down the resistance zone established at $0.37 to allow already sidelined traders to enter the market. 

The RSI (Relative Strength Index) is climbing towards the 50-mean level, currently at 48.81. Its positions show that the DOGE token is neither overbought nor oversold. However, with its rising momentum, a cross above the 50-mean level may see a surge in buying activity, causing the RSI to jump to the 70-overbought region.

On the other side of the fence, the Moving Average Convergence Divergence (MACD) introduces a bullish outlook on the 1-day chart. A buy signal manifested when the blue MACD line flipped above the orange signal line, revealing that an upward movement should be expected, which might see Dogecoin price rally above $0.37. This impending rally could gain momentum if the MACD continues to rise toward the neutral zone (0.00) and later into the positive region.

Dogecoin Price Poised for a 39% Rally Soon

The recent spike in trading volumes indicates that market participants remain engaged and optimistic about DOGE’s future performance. As the crypto landscape navigates through uncertainty, Dogecoin’s potential to rally and deliver significant gains remains a point of interest for traders and investors. 

If the $0.30 support level holds, bulls could seize the opportunity to push the Dogecoin price above the $0.37 physiological barrier. In a highly bullish case, the gains could extrapolate 39% to $0.48 in the short term. On the downside, if the price drops below the $0.30 support level, DOGE could see a further decline of up to 22%, potentially testing the next support at $0.2661.