After a long week of volatility, Dogecoin is now positive. The top meme coin follows an upward trend and maintains strong support around the $0.0780 zone. Dogecoin has been on a bearish trend for a long time, and the bulls want to take control of the market.
Based on this, there’s a slight possibility that the coin could erase one zero before the next bull market.
This Dogecoin analysis will provide more insight into DOGE’s next potential move.
DOGE Shows Sign of Bullish Recovery; $0.1 Next Potential Stop?
Dogecoin’s value has been dropping since this year, with the chart revealing a downward trend since December. Despite this, Dogecoin has strong support from a dedicated community.
Dogecoin trades at around $0.08, a modest decrease of over 2% in the last 24 hours.
Although there’s a bullish vibe in the past week with a nearly 2% rise, the overall momentum remains sluggish. Over the last month, Dogecoin experienced a bearish trend, recording a decline of 12.6%.
However, based on the chart pattern below and market behavior, there’s a chance for a rebound.
As mentioned earlier, Dogecoin has been on a downward trend for a while. The price kept falling over the last month, trapped in a descending channel.
But the latest chart shows a new upward trendline forming, acting as a strong support to prevent the price from falling further.
If this new upward momentum continues, Dogecoin could start rising in price. But the buyers need to keep up the momentum to maintain this upward direction. This would restart the bullish ride that saw Dogecoin hit $0.10 last year.
However, the bears threaten to break below and extend the downtrend, and It is uncertain which direction the price will go next if this happens.
But one thing is sure: the downtrend will continue if the new support line breaks, meaning more losses will happen for Dogecoin holders. Overall, Dogecoin now has the potential to bounce back if buyers can hold the new trendline support.
And if it successfully breaks out of this descending channel, it may rally over 21% of its current value.
On the other hand, if DOGE drops below the channel, it will likely decrease to $0.058, which is a 38% drop.
The MACD indicator is above the signal line, meaning momentum is currently on the upside, and the price may continue rising. But remember that crypto is highly volatile, and prices can go up and down very fast. So, trade with caution.
Billionaire Mark Cuban Reaffirms Dallas Maverick’s DOGE Support
In a recent Ask Me Anything session on X, billionaire Mark Cuban confirmed the NBA team’s (Dallas Mavericks) ongoing support for Dogecoin. When asked by the community, Cuban stated that the Mavericks still happily accept the meme-inspired cryptocurrency.
Yes
— Mark Cuban (@mcuban) January 29, 2024
Recall that in March 2021, the Mavericks let people use Dogecoin as a payment option to buy tickets and other team stuff for the first time in basketball history. Of course, it boosted investor’s confidence in digital currencies.
Reaffirming support from a high-profile figure like Mark Cuban might generate positive sentiment among Dogecoin investors. This could strengthen DOGE’s ongoing rally.
Other Potential Triggers of Dogecoin’s Bullish Recovery
Crypto analyst Muro Crypto hinted on X that if DOGE bounces from its support level again, it might break its resistance levels and could rise to $0.083.
In a previous X post, Muro said DOGE would go up, and it did before retracing halfway to the $0.083 target. So, Muro’s predictions can influence investor sentiment.
Update $DOGE
Spider senses were right it popped after my tweet but scammed back to entry from halfway to target, seems like it’s bouncing it might give another push https://t.co/OjCSqsOXMU pic.twitter.com/BPzGi7e0fI
— Muro (@MuroCrypto) January 28, 2024
DOGE’s price has ascended above $0.80 and may be getting ready to go up more. The ongoing speculations that Elon Musk’s X platform may adopt DOGE in its upcoming payment system is another factor boosting DOGE’s rally.
Moreover, Dogecoin activities have increased significantly.
The number of new addresses on the network surged by 1,100% in the past week. On January 29 alone, a record-breaking 247,240 new DOGE addresses were made.
This trend bodes well for DOGE if it continues because more people buying DOGE means higher demand, which could drive up prices.
SpongeV2 – Top Dogecoin Alternative Investors Should Consider in 2024
Sponge is launching an upgraded version called Sponge V2 at the start of the next crypto bull market. Sponge V2 introduces a play-to-earn (P2E) utility to the Sponge ecosystem.
Rather, it’s a new token gearing up for a big rally in 2024 with its latest plan and improved V2 features.
Sponge V2 is gearing up to surpass the $100 million market cap attained by its V1 in May 2023. Such a feat will mean massive returns to early investors should it come to fruition.
Huge milestone alert, #SPONGERS! 🔥
There are now over 6 billion $SPONGE tokens staked with a value of $3,958,206.14! 🤯
Our holders are enjoying an impressive current APY of +250%. 🚀
Join us and absorb the damp!! 🧽🧽💦💦#SpongeV2 #Crypto #Web3 #Alts #100x pic.twitter.com/llxFF0hfby
— $SPONGE (@spongeoneth) January 26, 2024
SpongeV2 provides staking opportunities to earn more tokens. You can join the project by buying and staking Sponge v2 tokens from the project’s official website or staking your existing SPONGE tokens.
Staking the coin can earn you a 250% APY return. Already bullish investors have staked over 6 billion tokens, and given the presale momentum, it might end soon. So, now is the best time to join to avoid missing out.
Remember, Sponge V2 is not associated with Nickelodeon’s SpongeBob SquarePants.
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Nick Dunn
Crypto Journalist
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