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Dogecoin (DOGE) Faces Correction Signal but $0.40 Breakout Could Trigger Major Rally, Says Analyst

Munene Timothy by Munene Timothy
January 7, 2025
in Market News, Price Analysis
Reading Time: 4 mins read
Dogecoin (DOGE) Faces Correction Signal but $0.40 Breakout Could Trigger Major Rally, Says Analyst
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  • DOGE trades at $0.3928, up 2.25%, with $0.40 resistance as a key breakout level; $0.36 acts as immediate support.
  • TD Sequential signals trend exhaustion; consolidation or retracement to $0.34 possible if momentum weakens below $0.36 support.
  • MACD shows fading bullish momentum, with Bollinger Band midpoint at $0.38727 critical for sustained upward price action.

Dogecoin’s recent upward momentum might be facing a turning point. Analyst Ali shows the TD Sequential indicator, which presents a sell signal, suggesting a potential price correction for DOGE. At press time, DOGE was trading at $0.3928, a 2.25% increase in the past 24 hours.

Bullish Trends and Key Levels

DOGE’s price movement shows a slight daily increase. This follows a series of green daily candlesticks with minor retracements, indicating a clear upward momentum. The overall trend remains bullish, characterized by higher highs and higher lows. 

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Source: Ali

Upward movement has been seen from late 2023 into early 2025, with breakout candlesticks on increased volume. Key resistance is at the $0.40 level, an important psychological and technical barrier. Breaking this level could lead to a rally toward higher targets. The nearest support is aT $0.3600, with further downside potentially testing $0.3400.

Indicator Signals

Small bodied candles indicate market indecision and a potential slowdown in upward momentum. The TD Sequential Indicator, showing a count of 9, suggests exhaustion in the current trend. 

This may point to a reversal or short term consolidation.A break above the $0.40 resistance could see DOGE test $0.45 or higher. Failure to maintain support at $0.36 might lead to a retracement to $0.34 or $0.32, especially if profit taking intensifies. 

The bullish movement suggests potential for further growth. Consolidation around $0.38 to $0.40 is likely before the next move.

Short term Price Action and Technical Indicators

On a 4 hour timeframe, the price is near the upper Bollinger Band at $0.39559, indicating overbought conditions. The middle Bollinger Band at $0.38727 acts as immediate support. 

Source: TradingView

A drop below this level could see a retest of the lower band at $0.37895, a critical support zone. The MACD indicator shows the MACD line at 0.01097, slightly above the signal line at 0.00953, suggesting bullish momentum. However, the fading histogram indicates weakening buying pressure.

A bearish divergence might occur if the MACD line crosses below the signal line, suggesting a potential retracement. Volume remains moderate at 9.64M shows lack of strong conviction from either bulls or bears. 

Market direction will depend on whether buyers sustain momentum above the Bollinger Band midpoint or if sellers push the price lower. Consolidation around $0.39 to $0.3950 is likely as the market awaits the next decisive move.

Tags: Dogecoin (DOGE) NewsPrice Analysis

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