Dogecoin Price Soars 3% as Analyst Predicts a Potential 900% Rally

Highlights:

• Dogecoin price rallies 3% to $0.33, suggesting bullish optimism in the market.
• Analysts predict that Dogecoin’s price could potentially rally 900% as it did in 2021.
• Coinglass Data suggests that new traders are entering the market and taking positions.

The Dogecoin price is up 3% today, exchanging hands at $0.33, showing remarkable resilience from short-term losses. Despite the rise, its daily trading volume has plunged 45% to $2.22 billion, signalling a fall in market activity. Various crypto analysts and investors are optimistic about the meme coin reaching new levels soon. Elsewhere, a well-known analyst, @Ali charts, has just noted via X that “at any moment, DOGE could surge nearly 900% in just 48 hours, as it did back in 2021.”

How do you bet against #Dogecoin $DOGE when, at any moment, it could surge nearly 900% in just 48 hours, like it did back in 2021? pic.twitter.com/hUg0uWkG3Z

— Ali (@ali_charts) January 28, 2025

DOGE Statistical Data

Based on CoinmarketCap data:

• DOGE price now – $0.33
• Trading volume (24h) – $2.22 billion
• Market cap – $48.99 billion
• Total supply – 147.81 billion
• Circulating supply – 147.81 billion
• DOGE ranking – #8

Dogecoin Price Poised for a Rebound Above $0.35 Resistance

DOGE/USD is currently trading around the $0.33 level above the 200-day moving average. Meanwhile, in the range of the falling wedge pattern, the closest resistance could be located at $0.35, coinciding with the 50-day MA. However, if the market increases, additional resistance can be found near the upper boundary of the pattern. 

The daily chart for Dogecoin price shows increased selling pressure, currently trading at $0.33. Against USD, DOGE demonstrates significant downward momentum fueled by the market sentiment. However, the meme coin faces major resistance in the $0.35-$0.39 range. Dogecoin has struggled to break such resistance levels without strong market conditions and higher trading volumes. In the meantime, Dogecoin’s price reveals some bearish sentiment, with the bears entirely taking the reigns. 

The sell signal is evident in the daily chart timeframe, which supports the intense selling activity in the DOGE market. However, if the bulls regain dominance at this level, a breakout above the $0.35 resistance could signal further gains, with the next significant resistance levels at $0.39,0.42 and $0.49, respectively. The breach of these technical barriers will potentially see gains extrapolate to $1 in the medium term. 

If the bearish sentiment dominates, the price may retest the immediate support level at $0.31. A break below this level could further push the price to $0.27, representing a strong support zone.

DOGE Technical Outlook

Meanwhile, the RSI at 43.01 echoes the market’s fatigue, suggesting intense selling activity. The MACD indicator notably upholds a sell signal in the market. A closer look at the blue MACD line (-0.0040) shows that it has flipped below the orange signal line(-0.0003), indicating intense bearishness. 

The triumphant surge in RSI beyond the 50 mean levels could rekindle hope and paint a path of recovery in the Dogecoin price. In this unfolding tale of caution and possibility, traders must navigate with both prudence and vision. 

Elsewhere, Coinglass Data indicates a slight increase in Open interest by 2% to $3.95 billion, as the volume has plunged by 43% to $3.58 billion. This outlook suggests that new traders are entering the market and taking positions; however, less trading activity is occurring. This might push the Dogecoin price into consolidation with a stronger trend to develop in the future if the new positions remain open.