Dogecoin (DOGE) has had a rollercoaster of a month, starting at around $0.3473 in early January before seeing a strong surge toward $0.40. Optimism ran high as the meme coin gained momentum, fueled by speculative buying and market excitement. However, the rally was short-lived, and DOGE soon faced selling pressure, reversing its upward trajectory.
Mid-January Surge: FOMO and Whale Movements
By January 18, Dogecoin soared past $0.40, riding a wave of bullish sentiment. Whale activity and increased social media hype played a major role in this rally. Many traders anticipated another breakout, but the resistance level proved too strong. After hitting its peak, DOGE faced strong corrections, signaling that profit-taking was underway.
Related article: Dogecoin Price Tests $0.38350 Support: 49% Rally to $0.5400 on the Horizon?
As January came to a close, DOGE gradually declined, testing key support levels. The downtrend became more pronounced in early February, dropping sharply from $0.33 to around $0.25. This represents a 28% decline from its peak, raising concerns about further downside. The sudden sell-off wiped out gains, leaving investors wondering if the meme coin had lost its momentum.
Current Standing and Key Levels to Watch
As of February 7, Dogecoin sits at $0.25, struggling to maintain support. The 24-hour range fluctuated between $0.2439 and $0.2648, suggesting high volatility. DOGE is now 65.78% below its all-time high of $0.7376, making many question if a full recovery is possible.
One month price chart- source: CoinMarketCap
Despite the recent drop, it still holds a staggering 295,152.76% increase from its all-time low in 2015. Dogecoin’s fate depends on whether buyers can step in and prevent further decline. If it holds above $0.25, a potential rebound could be in play.
Related article: Dogecoin Down 40%, But a 26% Rebound Sparks Hope—What’s Next?
However, breaking below could open the door to further losses. Market sentiment remains uncertain, and traders should brace for more volatility.
Will DOGE bounce back, or is this the beginning of a prolonged downtrend? The next few weeks will be crucial in determining its trajectory. Stay tuned for more updates as the meme coin saga continues!
