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DOGE Drops Below Uptrend Line, Signaling Possible End to Five-Month Rally
DOGE's price has lost key support levels this week, weakening the bullish case.
Jan 29, 2025, 10:00 a.m.
What to know:
- Dogecoin's recovery from December lows looks to have ended.
- The DOGE price has dropped below a key Fibonacci retracement level, denting the longer-running rally from August.
Dogecoin (DOGE), the largest memecoin by market cap, dropped below a short-term uptrend line on Monday, signaling an end to the recovery from December lows and potentially the conclusion of a five-month rally.
Since then, prices have dropped below the 38.2% Fibonacci retracement level of the run that started in August and touching highs about 48 cents in December before dropping back. A golden rule of technical analysis says that for a market to maintain its current trend, it must hold above that level. If it fails to do so, the trend is said to have ended.
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The moving average convergence divergence (MACD) histogram is printing deeper bars below the zero line, another indication of strengthening bearish momentum. Five- and 10-day simple moving averages trend south, hinting at a bearish bias.
Support is seen at around 26 cents, the low printed on Dec. 20 followed by 23.4 cents, which marks the 61.8% retracement of the August-December rally. DOGE would need to recover to the uptrend line from December lows to invalidate the bearish outlook.
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Bitcoin enters the Abu Dhabi conference near $92K after a year of sell-the-news dips at major events, raising questions about another potential pullback.
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