Dogecoin, the meme on cryptocurrency, is up 18% in the last 24 hours which is a pretty cool trend in the Dogecoin community that has Billy Markus (creator of dogecoin, known as Shibetoshi Nakamoto online) laughing a bit right now. Markus took to the social media platform X to share a price chart, captioning the post with ‘yaaasss queeen.’
At press time, Dogecoin is trading at $0.3888, rising to an intraday top of $0.395 on Saturday. It came as part of a run of four consecutive days of gains to kick off a bullish run on December 31, and the crypto has the potential to extend that string of five days of gains if today closes in the green.
Dogecoin Under Spotlight: Momentum and Resistance Key to 2025 Rally
The early positive start of the year for cryptocurrencies, including DOGE, may be attributable to historic patterns of strong performance in the first quarter, market analysts say. The start of a new year generally brings fresh investments, new optimism.
Dogecoin’s price surge had pushed the coin past a key technical barrier the 50-day simple moving average (SMA) which had limited the coin since December 19. Bullish momentum coupled with the breakthrough has prompted investors’ keen interest in the token.
Price has recently consolidated around $0.30 to $0.35 before moving vertically on January 3 when bullish sentiment returned. Technical indicators suggest mixed signals: The daily Relative Strength Index (RSI) above the midpoint is an edge to the bulls and the flattening moving averages are a harbinger of potential range bound action.
Analysts expect Dogecoin to rise to $0.42, if this coin sustains its place above the 50-day SMA at $0.38. But a price pullback to $0.34 may be sparked if resistance is evident at this level. However, the good news is that if a breach of $0.42 is made there could be an upward retracement to $0.48.
Meanwhile, as the cryptocurrency market rallies into 2025, Dogecoin will be under a microscope. Which will prove pivotal for continuation of this bullish streak, that being the ability to maintain momentum while also breaking through key resistance.
