Dogecoin Price May Sustain Its Uptrend Despite A Short-Term Pull Back

The Dogecoin price has pumped 19% in the past week and 0.5% in the last 24 hours to trade at $0.3818 as of 3:30 a.m. EST on a 16% plunge in trading volume to $3 billion.

The price of Dogecoin has increased by 19% over the past week, reaching $0.3818 as of 3:30 a.m. EST on a 16% decrease in trading volume to $3 billion.

Dogecoin Price May Continue Rising Despite A Short-Term Pull Back

A 1-day analysis of the DOGE/USDT trading pair reveals a convergence of patterns and indicators that highlight both the historical price movements and future potential. From May to July 2024, the price was confined within a bearish channel, indicating a prolonged downtrend.

However, a breakout in late July marked the beginning of a trend reversal. Following this, a bullish cup and handle pattern emerged between August and October. This pattern, characterized by a rounded bottom (the “cup”) and a slight retracement (the “handle”), culminated in a breakout in October, pushing prices upward.

DOGEUSDT Analysis Source: Tradingview

Currently, the price hovers near a critical support zone between $0.30 and $0.35. This zone has been tested multiple times since December 2024, establishing it as a significant foundation for the next potential upward move. The 50-day moving average (MA50) aligns with the current price at $0.38137, acting as immediate support, while the 200-day moving average (MA200) at $0.19447 lies far below, reflecting the broader bullish trend in the long term.

The Relative Strength Index (RSI) is at 57.99, slightly above the neutral zone, indicating a slight bullish momentum. The RSI has rebounded from the midline (50), suggesting that buying pressure may be building.

The current DOGE/USDT structure suggests a potential bullish continuation. The support zone at $0.30–$0.35 is crucial for sustaining upward momentum, while a breakout above $0.40 could pave the way for a rise toward the $0.50–$0.55 resistance zone.

However, failure to hold the support zone could lead to a retest of $0.28 or even the MA200 level at $0.19.

As the Dogecoin price rebounds for another bullish rally, investors are also piling into a PEPE derivative meme coin called Wall Street Pepe ($WEPE), which has already raised over $42.2 million in its blockbuster presale, which is on track to be one of the biggest ever.

Crypto analyst and YouTuber ClayBro, with over 133K subscribers, predicts that early $WEPE investors could become millionaires once the coin launches.

$WEPE is already outshining previous presale stars, including the $74 million raised by Pepe Unchained (PEPU), which skyrocketed after its launch. At the same stage of their presales, $WEPE has raised far more than PEPU.

The project aims to end the dominance of whale investors and give smaller traders the ammunition to fight on a level playing field.

Right at the heart of the movement is the fast-growing WEPE Army, a passionate community committed to arming its members with the knowledge and resources to take on secretive whale investors.

$40M raised. Frogs strong together. The future is green. ?⚔️ pic.twitter.com/ijSnXJq9x9

— Wall Street Pepe (@WEPEToken) January 3, 2025

WEPE also offers a 33% annual yield on staked tokens.

To join the presale, buy some WEPE tokens with crypto or bank cards at the current price of $0.00036642 to become a part of the WEPE Army.

Interested investors should buy before a price increase in a little more than 15 hours.

Buy WEPE tokens on the official website here.