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Dogecoin is starting to get the momentum back After a sharp drop In the early hours of January 3, a movement that has liquidated many traders Who had gambled Op further upside down. This decline Wasn’t just a pullback Because it marked the most important price fall in Dogecoin in six months.
As noted by technical analyst Kevin (@kev_capital_ta), Dogecoin has just completed his second important correction in this current bull cycle. The next step is in particular a push to $ 1 for Dogecoin. However, whether this recovery will come will largely depend on the next move of Bitcoin, because a wider market sentiment will continue to shape the Dogecoin process.
Dogecoin completes the second important correction, echo past bull cycles
As noted by Crypto analyst Kevin, the recent drop by Dogecoin was the second big pullback this cycle. Moreover, the recent withdrawal is very similar to corrections that are seen in the previous cycle before Dogecoin finally shot To reach all time.
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The recent drop saw Dogecoin yesterday reach a bottom of $ 0.2237 after a decrease of 32% from $ 0.329 just 24 hours earlier. Interestingly, this decrease meant that Dogecoin had corrected by around 58% in December 2024 compared to its $ 0.49. As the analyst has noticed, this looks a lot like a similar play -out at the beginning of 2021, when Dogecoin retired by around 56.8% on his upward movement.
Both cases were the second major withdrawal in their respective cycles, and if the pattern applies like the first cycle, the newest dip may have set the stage For the next leg higher for Dogecoin to eventually break above $ 1.
Will Doge collect to $ 1 soon? The influence of Bitcoin is the key
The way from Dogecoin to $ 1 is still intact, but the timing of the next wave depends on a few factors and breaks above several resistance levels. One of the most striking factors is the dominance of Bitcoin in the cryptomarket.
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As Kevin noted, the ability of Dogecoin to remove his upward hanging is largely, largely on the performance of Bitcoin. The wider cryptomarkt often follows Bitcoin’s lead, and if the bullish momentum retains, the meme coin could follow quickly. On the other hand, a decrease or continuous consolidation of the Bitcoin price can lead to a comparable step for Dogecoin, As marked by Bitcoin’s break Under $ 93,000 yesterday.
At the time of writing, Doge acts at $ 0.2593 and starts pushing steadily after bouncing at $ 0.223. The most important area for bulls to win back is $ 0.33, which has acted as a strong resistance since January. A break above this level can indicate a renewed bullish momentum, so Dogecoin may be set up for a steady climb to $ 0.4 and then $ 0.5. Bitcoin too must register A remarkable break above $ 100,000.
Featured image of Adobe Stock, Chart van TradingView.com
