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Dogecoin On the rise, with the dog-themed coin rising nearly 11% to a high of $0.419 in the early Friday session — the highest price recorded for DOGE in nearly five weeks. The rise coincides with renewed bullish momentum in the overall cryptocurrency market, with altcoins showing price increases as Bitcoin returns above $100,000.
After Monday's market slump that saw Bitcoin temporarily fall below $90,000 and other digital assets saw significant losses, markets are starting to recover following positive US inflation data.
At the time of writing, DOGE has risen 10.03% over the past 24 hours to $0.411. Dogecoin started to rise after reaching support at the lows of $0.30 on January 13. Dogecoin is currently on track to celebrate four out of five days in the green since this date.
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The recent rally has taken DOGE above the closely watched 50-day simple moving average at $0.3714, indicating a bullish bias. This rally has left traders speculating whether DOGE is ready for a longer rally if the current price's shift above the daily 50 simple moving average leads to sustained positive momentum.
Is this just the beginning?
January has historically been the best performing month for Dogecoin, with an average return of 85%, despite outperformance of 250% and 700% in 2014 and 2021 respectively. Its average performance is 5%, the second highest after 8% in October. So far, Dogecoin is up nearly 30% in January.
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According to Ali, a cryptocurrency analyst, during the recent bull cycle, Dogecoin (DOGE) Its second phase began on January 25, 2021, after a 56% price correction. DOGE has lost 46% of its value in recent weeks. on He predicts that if history repeats itself, the next phase of Dogecoin may begin soon.
Some could reach $1 in 2025, which is roughly 45% higher than the coin's all-time high of $0.737 reached in May 2021. Alex Thorn, head of research at Galaxy Digital, said in a market forecasting post in End of year.
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