(24-hour Dogecoin price trend)
Dogecoin Price Analysis: Uptrend Faces Resistance, What's Next?
As of January 9, 2025, 10:00 PM, Dogecoin (DOGE) is valued at $0.31952227466867, with a 24-hour trading volume of $4000350484.9691. Over the last day, Dogecoin's price has experienced a dip of -7.81438643%.
Key Metrics
- Circulating Supply: 147552216383.71
- Max Supply: Not Applicable
- Total Supply: 147552216383.71
- Market Cap: $47146219811.325
Recent Market Performance
Dogecoin has garnered mixed reactions from traders recently. After an upward move to $0.38641, it has since retraced, declining by -1.23% following a recent rally. This correction has potentially opened up a window for further downward pressure.
Technical Analysis
The 1-hour chart for Dogecoin suggests that the cryptocurrency is facing resistance at the $0.32 level. The price has been rejected from this level multiple times in the past, indicating that it may be a significant psychological barrier for traders.
Technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) also add credence to the bearish outlook. The RSI is currently below 50, suggesting that the market is in a bearish condition. The MACD histogram is also negative, indicating that the selling pressure is currently stronger than the buying pressure.
Conclusion
While Dogecoin's recent decline has presented traders with a potential buying opportunity, the bears remain in control of the market. If the price fails to break through the $0.32 level, it could potentially continue to retrace, with support at $0.3 and $0.28 possible targets.