Is a Rally to $1 Imminent in Dogecoin Price?
Highlights:
- Dogecoin price soars almost 1% to $0.3852 as investor confidence spikes.
- According to a crypto analyst, the TD Sequential indicator presents a sell signal anticipating a price correction.
- With Elon-Musk-led Department of Government Efficiency (D.O.G.E.) set to dominate headlines in 2025, will DOGE rally to $1?
The Dogecoin price is up almost 1% as of writing, to $0.385, as its daily trading volume spikes 21% to $3.1 billion. This shows increased investor confidence in the Dogecoin market.
Moreover, the incoming Trump administration’s new Elon-Musk-led Department of Government Efficiency (D.O.G.E.) is set to dominate headlines in 2025 as it unveils government waste and fraud and pushes for spending cuts. All that guarantees that Dogecoin is set to retain a leading portion of “mind share” in the meme coin sector at any given time.
Meanwhile, the TD Sequential indicator presents a sell signal on the Dogecoin daily chart, anticipating a price correction, according to Ali charts.
The TD Sequential indicator presents a sell signal on the #Dogecoin $DOGE daily chart, anticipating a price correction. pic.twitter.com/Demqi8xZ2w
— Ali (@ali_charts) January 7, 2025
Dogecoin Statistical Data
Based on CoinmarketCap data:
- DOGE price now – $0.3852
- Trading volume (24h) – $3.1 billion
- Market cap – $56.86 billion
- Total supply – 147.52 billion
- Circulating supply – 147.52 billion
- DOGE ranking – #7
While the meme coin sector has been consolidating, the Dogecoin price shows mixed reactions in its 4-hour chart timeframe. However, a potential bearish reversal cannot be neglected, as the technical indicators fail to turn bullish in the longer time frames. Let’s dive deeper into the technical outlook and decrypt what’s next for the DOGE price rally. Will this Dogecoin trigger a healthy run to $1 in 2025?
Dogecoin Price Poised for a Rally to $0.45 in the Short-Term
Looking at the 4-hour chart timeframe, the Dogecoin price steadily holds above the moving averages, tilting the odds toward the bulls. The bulls have established immediate support at $0.36 and $0.35, giving them the upper hand. Moreover, the meme coin has moved into a consolidation channel, which may act as an accumulation period before a substantial leg up. If the bulls capitalize on the support levels, the Dogecoin price could rally to $0.45 in the short term.
The southbound RSI shows falling momentum, which may see the bears take the reins if the bulls don’t gain strength. However, its position above the 50-mean level at 57.40 shows increased buying interest. If the buying appetite soars at this level, a bullish reversal can push the RSI to the 70-overbought region.
On the other side of the fence, the MACD introduces a new bearish outlook. This is evident as the blue MACD line has crossed below the orange signal line. This suggests that traders are inclined to sell unless the MACD changes.
Will Dogecoin Price Trigger a Healthy Run to $1?
The market has mixed sentiments based on the technical outlook; however, the odds tend to lean to the upside. If the buyers capitalize on the RSI and the support levels in the market stay intact, DOGE could rally.
Moreover, consolidation may be an accumulation period before the bulls strike upward. In such a case, the Dogecoin price could soar, obliterating the next resistance at $0.4864. The meme coin could skyrocket in a highly bullish case, hitting the $1 mark soon.
On the downside, if the bears capitalize on the sell signal from the MACD, the Dogecoin price could fall through. In such a case, a breach and break below the $0.36 support level will see DOGE plummet to $0.35, invalidating the bullish thesis in the market.
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Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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