Dogecoin, the popular dog-themed cryptocurrency, has seen a big jump in its price over the past 24 hours. Its creator, Billy Markus, known as “Shibetoshi Nakamoto” on X, reacted with enthusiasm. He shared a Dogecoin price chart along with a playful caption: “yaaasss queen,” which has caught the attention of many online.
yaaasss queeen pic.twitter.com/kRI7gZgN7K
— Shibetoshi Nakamoto (@BillyM2k) January 3, 2025
As of now, Dogecoin is trading at $0.3896, after hitting a high of $0.395 earlier on Saturday. This represents an impressive 18% increase over the past 24 hours, continuing its upward trend that started on December 31.
Dogecoin has been steadily rising since December 31, 2024. If today ends with gains, it will mark five straight days of growth starting from that date. The strong start to the year for the cryptocurrency market might be linked to its historically good performance in the first quarter, as the new year often brings fresh optimism and investment. Dogecoin’s recent price movement mirrors this trend, with investors betting on its potential for further growth. The rally has also pushed Dogecoin above its 50-day simple moving average (SMA), a key technical level that had been holding it back since December 19.
Dogecoin Breaks Out as Bulls Regain Momentum
After consolidating between $0.30 and $0.35, Dogecoin broke out on January 3, signaling that buyers are regaining control. The moving averages are leveling off, which could mean the price may stay in a range for now. However, with the daily RSI above the midpoint, the momentum currently favors the bulls.
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If Dogecoin can hold its momentum above the 50-day simple moving average (SMA) at $0.38, it could rise to $0.42. However, sellers are likely to put up strong resistance at that level. If the price falls from $0.42, it might drop back to $0.34. On the other hand, if Dogecoin breaks through $0.42, it could aim for $0.48 next. As Dogecoin continues its climb, the key question is whether it can maintain this momentum and overcome further resistance levels. The recent move above the 50-day SMA is a positive sign, but sustained growth will depend on overall market trends and investor confidence.
Disclaimer: The content provided here is for educational purposes only and is intended to raise awareness about cryptocurrency and blockchain technology. It should not be considered as financial or investment advice. Before investing in any cryptocurrency or token, we strongly encourage you to conduct thorough research, understand the associated risks, and make informed decisions (DYOR – Do Your Own Research). For detailed guidance, consult a qualified financial advisor.
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