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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’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
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