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Dog-themed cryptocurrency Dogecoin It has seen a significant price increase in the past 24 hours, prompting an enthusiastic reaction from its creator, Billy Marcus, who goes by the name "Shibitoshi Nakamoto" on X. In a tweet that attracted attention, Marcus wrote subscriber Dogecoin price chart along with a playful caption: “yaaasss queen.”
At the time of writing, Dogecoin is trading at $0.3888 after hitting an intraday high of $0.395 on Saturday. This represents a staggering 18% gain since last day, and a continuation of an upward streak that began on December 31.
Dogecoin has been on a steady upward climb since the last day of 2024. If the day closes in the green, Dogecoin will record five consecutive days of gains achieved as of December 31st.
The cryptocurrency market's positive start to the year may be linked to a historically good performance in the first quarter. The beginning of a new year often brings renewed optimism and new investment flows into cryptocurrencies. Dogecoin price The action reflects this broader trend, as investors look to capitalize on the potential upside.
This latest rally has pushed Dogecoin past the 50-day simple moving average (SMA), the key technical level that has capped its price since December 19.
What's next for Dogecoin price?
Dogecoin's consolidation between $0.30 and $0.35 was resolved to the upside on January 3, signaling the bulls' return to the game. Both moving averages are flattening, indicating a potential range-bound move in the near term. However, the daily RSI above the midpoint indicates an advantage for the bulls.
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If Dogecoin maintains its momentum above the daily 50 simple moving average of $0.38, it could rise to $0.42. Sellers are expected to try to defend aggressively at $0.42. If the price drops from $0.42, Dogecoin price may drop to $0.34. On the other hand, if Dogecoin crosses the $0.42 level, the price could target $0.48 next.
As Dogecoin sees a bullish rally, the focus will be on whether the coin can maintain its momentum and break through more resistance levels. The recent break of the 50-day simple moving average is a positive sign, but sustainable gains will depend on broader market conditions and investor sentiment.
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