Dogecoin Price Prediction: As DOGE Soars 20%, Investors Flock To This ICO For Diversified Meme Coin Investing

Dogecoin Price Rise Despite Plunging Trading Volume

The Dogecoin price experienced a notable surge of 20% within the past 24 hours, with trading at $0.2805 at 11:22 p.m. EST. However, the trading volume has simultaneously declined by 29%, reaching $6.5 billion.

Rebound Signs for Dogecoin Price

Analyzing the Dogecoin price on a one-day timeframe indicates that the asset recently dipped below a critical support zone (marked in purple) after a period of sideways movement. This decrease suggests a shift in market sentiment towards bearishness.

Previously, Dogecoin experienced a substantial rally in late 2024, with prices ascending from approximately $0.10 to a peak close to $0.47, followed by a consolidation phase between $0.30 and $0.46, as per data from GeckoTerminal.

The breakdown below $0.30 confirms regained control by sellers, pushing the price down to $0.2805.

Nevertheless, the price has since recovered, demonstrating signs of a rebound and hovering near the 200-day Simple Moving Average (SMA) at $0.2265, which may provide strong support.

The Relative Strength Index (RSI) currently stands at 35.99, approaching oversold territory (below 30). This suggests that DOGE may be nearing a short-term low point, with a potential bounce possible if buyers intervene. However, persistent weakness in RSI may indicate further downside.

DOGE Price Prediction

Based on Dogecoin price analysis, DOGE is currently recovering from the recent drop below the sideways pattern's lower boundary. Reclaiming $0.30 is crucial for a bullish recovery. A substantial breakout above $0.34 (50-day SMA) would confirm a reversal and potentially lead to a retest of the $0.40–$0.45 resistance zone.

Given that Dogecoin's price remains below the critical support zone, the asset could face bearish pressure, with a possible further decline if $0.2265 (200-day SMA) fails to hold. A breach of this support level could result in a decline towards $0.20 or lower.