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coinpedia 2025-01-07 05:14:00

Dogecoin Price Displays Notable Strength, Being Vulnerable to a Correction—What’s Next?

The post Dogecoin Price Displays Notable Strength, Being Vulnerable to a Correction—What’s Next? appeared first on Coinpedia Fintech News Bitcoin bounced back above $100K, which was expected to circulate bullish waves across the markets. While the other tokens failed to keep up the momentum, Dogecoin is trying hard to maintain a decent ascending trend. The price has been trying hard to rise above $0.4 since the beginning of 2025. While the recent whale movements suggest a big move is incoming, the technicals endorse a wider correction is on the horizon. What’s next for the Dogecoin (DOGE) price rally? Will it trigger a healthy run to $1 in 2025? Retail traders usually follow the whales, believing it is a major signal for the next price action. With the rise in their accumulation rate, the optimism around the token surges further, positively impacting the DOGE price . The whales accumulated DOGE constantly throughout 2024 and halted in November; meanwhile, they have resumed and surpassed the levels of the 2021 bull run. Currently, more than 5000 wallets hold above 1 million DOGE, which are flashing major bullish signals. On the other hand, retail traders refrain from jumping in as the active address count remains within the average range. Mainly because the technicals do not support the bullish narrative. The TD sequential indicator, which points out the exact time of the trend reversal, remains bearish, anticipating a price correction. Secondly, the weighted social sentiment is at around 0.60, meaning that the crowd remains pessimistic about Dogecoin’s upside potential. What’s next for the DOGE price rally? The DOGE price chart suggests the bulls are trying hard to keep up the bullish trend as the rally has been struggling hard to defend the 50-day MA. These levels are offering a strong base while the price is failing to trigger a strong rebound to the higher ranges. This could be due to the drop in volume that has hindered the progress of the rally. Meanwhile, incremental RSI seems to have halted the trend, substantiating a bearish claim. Regardless of all the bearish claims, the Dogecoin price may still squash the narrative if a rise above 0.786 FIB at $0.4 is validated in the next few hours. This move may pave the way for a healthy ascending trend, probably reaching the 2024 highs at $0.55 while a new ATH at $1 remains pretty distinct.

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