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Dogecoin Price Looks To Close January On A Positive Note, Will February Be Any Different?

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Dogecoin has managed to sustain a relatively positive position towards the end of January despite the intense volatility throughout the month. With January almost over and the Dogecoin price closing the month on a positive note, the next outlook is what lies ahead for the meme coin and whether Dogecoin investors can see a similar price trend in February. 

Dogecoin Price Performance In January

Dogecoin’s price movement in January was full of intense volatility. The meme coin opened the month trading around the $0.315 price level, having declined in the latter half of December. Interestingly, this opening price proved to be an important support level throughout the month, with Dogecoin repeatedly testing and bouncing off it in response to market fluctuations.

In terms of performance, Dogecoin’s price swings in January mirrored the turbulence seen across the crypto market, with significant manipulation playing a role in its trajectory. After starting the month at approximately $0.315, the meme coin trended upwards for the first seven days, in line with Bitcoin’s resurgence above the $100,000 price level.

This first upward movement saw the Dogecoin price reach $0.39 on January 7. However, it was short-lived, as the intense volatility mentioned above saw those gains erased within 48 hours. Following a rejection near $0.4, Dogecoin fell by about 19% in two days before eventually bouncing off support at $0.31. Interestingly, Dogecoin would come to retest this level two times within the next five days. 

The second retest of this support zone led to a strong 40% rally that pushed DOGE above the $0.40 resistance level again after multiple attempts. This upward momentum peaked with Dogecoin reaching $0.4313 on January 18.

However, this price high was met with another rejection, leading to a fresh downtrend. Dogecoin and many other cryptocurrencies witnessed a surge of outflows in capital rotation as many investors FOMOed on Donald Trump’s meme coin, launched on January 17. Despite this huge setback, Dogecoin once again found support at the $0.315 level, reinforcing its importance as a solid price floor.

What To Expect In February: Sustaining Momentum Or Facing A Reversal?

The euphoria surrounding Donald Trump’s election and meme coin has ended, the market seems to be cooling down, and Dogecoin has begun a gradual recovery above $0.31. As January draws to a close, the interest is on February to see if the memecoin can maintain its current momentum during the month or undergo another volatile movement within a range.

At the time of writing, DOGE is trading at $0.33, up by about 4.25% from its January open. According to historical price data from CryptoRank, the Dogecoin price has trended downwards in February more often than not. However, February 2024 proved to be a positive month for the meme coin, as it closed the month on a 50% gain from its open. A similar performance would see Dogecoin closing February around $0.5 if it were to close January at its current price. 

Dogecoin
A display of DOGE’s monthly performances | Source: Chart from CryptoRank

According to a crypto analyst, current market dynamics suggest DOGE will soon undergo a strong pump above the $0.4 price level. However, the most important thing right now would be for Dogecoin to hold above $0.315 and $0.3. Failure to hold above these levels could erase bullish momentum.

Dogecoin
DOEG trading at $0.32 on the 1D chart | Source: DOGEUSDT on Tradingview.com

Featured image from Unsplash, chart from Tradingview.com



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The United States Government Should Acquire 20% of the Bitcoin (BTC) Network, Says Michael Saylor – Here’s Why

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Popular Bitcoin firebrand Michael Saylor believes the US government should acquire 20% of the BTC in existence.

While speaking at the Conservative Political Action Conference (CPAC) this week, the Strategy executive chairman argued that BTC was digital property and an important tool for the US to “own cyberspace” in the future.

“Right now you can literally buy it for a song and dance. That’s the opportunity.

The risk is that you wouldn’t want the Saudis to buy it first, or the Russians or the Chinese or the Europeans. And there’s only room for one nation-state to buy up 20% of the network, and obviously, I think it should be the United States. I think it will be the United States. It’s a way for us to enrich ourselves and emerge as a creditor nation in a matter of a decade. It’s also a way for us to ensure that we’re the economic leaders in cyberspace.” 

Strategy (formerly known as MicroStrategy) owns the largest Bitcoin corporate treasury in the world, with 478,740 BTC worth around $46 billion at time of writing.

Wyoming Senator Cynthia Lummis, a vocal crypto supporter, shared a clip of Saylor’s CPAC appearance on the social media platform X.

“If all we do is address the sins of the past (the national debt) it’s worth doing. But there are many reasons to take a hard look at a Strategic Bitcoin Reserve.”

At time of writing, Bitcoin is worth $96,264.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin Faces Serious Price Compression – What Happened Last Time

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Bitcoin has experienced a tiring price action in recent weeks, with the price struggling to set a clear short-term direction. Investors are beginning to feel impatient as BTC remains stuck in a tight range, showing no decisive breakout. The price was testing crucial supply between $98K and $100K when the market was hit by negative news, adding further uncertainty.

On Friday, the cryptocurrency exchange Bybit suffered a massive hack, with $1.4 billion in ETH stolen. The incident triggered fear among traders, leading to increased volatility across the crypto market. However, Bybit responded quickly, working to reassure investors and prevent further market-wide panic.

As Bitcoin remains range-bound, price compression is becoming extreme, indicating that a major move could be coming soon. Top analyst Big Cheds shared an analysis on X, revealing that Bitcoin is facing its tightest daily Bollinger Bands (BBs) since August 2023, when the price was at $29.5K. Historically, such low volatility phases lead to explosive price movements, making BTC’s next move critical.

Bitcoin Price Action Signals Imminent Breakout

Bitcoin has struggled below the $100K mark since late January, with bulls unable to confirm a recovery rally despite multiple attempts. At the same time, bears have failed to push BTC below key demand levels, keeping the price above $90K. This ongoing battle between supply and demand has created an uncertain short-term outlook, leaving the market waiting for a catalyst to determine the next move.

The lack of directional clarity has led to Bitcoin consolidating in a tight range, signaling an upcoming breakout. Big Cheds’ insights on X reveal that Bitcoin now has its tightest daily Bollinger Bands (BBs) since August 2023, when BTC was trading at $29.5K.The last time BTC saw this level of price compression, the market experienced an aggressive price drop before a long accumulation phase that eventually led to a recovery. 

BTC tightest daily BBs since August of 2023 | Source: Big Cheds on X
BTC tightest daily BBs since August of 2023 | Source: Big Cheds on X

With BTC now coiling up for another breakout, traders remain cautious about the direction of the move. If BTC reclaims $100K, an explosive rally into price discovery could follow. However, a breakdown below $94K–$90K could trigger deeper corrections, making the next few days critical for the market.

If history is any indication, this period of low volatility is unlikely to last much longer. The market is preparing for a major move, and traders are closely watching key resistance and support levels for confirmation. With Bitcoin’s supply on exchanges at historically low levels and long-term holders showing resilience, a breakout above $100K could spark a new wave of buying pressure.

BTC Struggles After Volatile Friday

Bitcoin is trading at $96,000 after a highly volatile Friday, where the price spiked to $99,500 before dropping to $94,800 following news of the Bybit hack. This sudden price action unsettled investors, as BTC failed to hold above critical supply levels and experienced a rapid selloff.

BTC testing short-term demand | Source: BTCUSDT chart on TradingView
BTC testing short-term demand | Source: BTCUSDT chart on TradingView

Now, bulls must defend the $95K level throughout the weekend to prevent further downside. Holding this level would signal strength and allow BTC to push toward the $98K resistance, a key area that needs to be reclaimed for a breakout attempt above $100K.

However, losing the $95K mark could trigger a breakdown into lower demand levels, potentially retesting the $94K or even $90K zones. Market sentiment remains divided, as BTC is showing signs of compression, typically leading to an aggressive move in either direction.

For now, all eyes are on whether Bitcoin can reclaim $98K and sustain momentum, or if bears will push the price into deeper corrections. The weekend could be critical in determining the next major trend, as BTC remains stuck in a tight range between $94K and $100K with increasing volatility.

Featured image from Dall-E, chart from TradingView



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One of the Most Reliable Indicators for Bitcoin Flashing Bullish Signal, Says Trader – Here Are His Targets

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Analyst and trader Kevin Svenson is leaning bullish on Bitcoin (BTC) as the flagship crypto asset hovers below the $100,000 price.

In a new video, Svenson tells his 82,400 YouTube subscribers that the weekly Relative Strength Index (RSI) indicator, which he considers “one of the most reliable signals for bullish pivots in Bitcoin land,” is suggesting a move to the upside for the flagship crypto asset.

The RSI is a momentum indicator that oscillates between 0 to 100 and is used to determine overbought or oversold levels.

“And now we are seeing, if you look closely, the weekly RSI is starting to peak above the downtrend line…

If we do get a close above this resistance line, well it may indicate a huge leg up for Bitcoin is underway.

Every single major uptrend for Bitcoin that we’ve had since the beginning of 2023 was marked by a weekly RSI breakout every single time. If we do in fact close with a weekly RSI breakout, I’m going to become very bullish on Bitcoin in the short, medium and long term.”

Source: Kevin Svenson/YouTube

Svenson says that if the RSI indicator successfully breaks out above the resistance line on Bitcoin’s weekly time frame, the flagship crypto could rally by up to 36% from the current level.

“So in between $124,000 – $134,000 is the target range for me on this parabolic trend…

I do expect that after we get this next major punch, this next major parabolic advance to $124,000 or maybe $134,000, there will be some sort of correction that comes alongside that where the market would then settle up and then punch up into the end of the year for a much higher target.”

Source: Kevin Svenson/YouTube

Bitcoin is trading at $98,797 at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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