The latest price of Dogecoin at 13:00 on January 5, 2025

(24-hour Dogecoin price trend)

Dogecoin (DOGE) Price Analysis: Dips Below $0.40 as Market Sentiment Turns Cautious

As of January 5th, 2025, at 1:00 PM EST, the price of Dogecoin (DOGE) stands at $0.38997975541623. This represents a slight decrease of -0.52446438% in the past 24 hours. The 24-hour trading volume currently sits at $3,636,463,180.6186.

Key Statistics

• Circulating supply: 147,492,876,383.71
• Maximum supply: N/A
• Total supply: 147,492,876,383.71
• Market cap: $57,519,235,857.753

Market Analysis

The cryptocurrency market has experienced a cautious sentiment in recent days, with many major coins witnessing declines. Bitcoin, the leading cryptocurrency by market cap, has also been trading lower, putting pressure on the entire market.

Dogecoin has not been immune to this market downturn and has followed a similar trajectory. Over the past week, DOGE has dropped by approximately 10%, erasing some of its recent gains.

Technical Analysis

On the technical front, Dogecoin is facing resistance at the $0.40 level. A break below this level could lead to further declines, with potential support levels at $0.35 and $0.30.

The Relative Strength Index (RSI) is currently hovering around 40, indicating that the market is relatively balanced. However, if the RSI dips below 30, it could signal a potential oversold condition and possible buying opportunities.

Outlook

The short-term outlook for Dogecoin is uncertain, as the market continues to grapple with volatility. The resistance at $0.40 and the negative market sentiment could pose challenges for DOGE in the immediate term.

However, given its history of volatility and the strong community support behind it, Dogecoin could potentially recover and resume its upward trend once the broader market conditions improve.