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The Dogecoin price soared 10% in the last 24 hours to trade at $0.4237 as of 8:59 p.m. EST on trading volume that jumped 77% to $7.5 billion, according to CoinGecko.
This comes as the meme coin space surged 7% in the last 24 hours to a $126.7 billion market capitalization, with sentiment rising in the market ahead of Donald Trump’s inauguration ceremony on January 20.
Dogecoin Price Gearing Up Towards A Breakout
The DOGE price analysis shows a strong recovery from its recent lows. After a significant bullish rally in late 2024, the Dogecoin price has been consolidating in a rectangular range between $0.31 and $0.436, which serves as key support and resistance levels, respectively. Currently, the price is approaching the upper boundary of this range at $0.43, which represents a crucial resistance area.
Notably, there is a highlighted support zone near $0.28-$0.31, which has been successfully tested multiple times, confirming it as a robust demand area. The price of Dogecoin has remained above the 50-day Simple Moving Average (SMA) ($0.37) and the 200-day SMA ($0.21), suggesting an overall bullish trend.
The chart indicates a breakout attempt, with the possibility of DOGE challenging the resistance at $0.48. If this level is breached, the price of DOGE could enter a new upward phase.
Meanwhile, the Relative Strength Index (RSI) is at 65.64, nearing the overbought region (>70). This indicates increasing bullish momentum.
The Moving Average Convergence (MACD) line (blue) is at 0.00919, above the signal line (orange) at 0.00177, confirming a bullish crossover. Moreover, the histogram is positive and expanding, suggesting rising buying pressure.
DOGE/USDT Chart Analysis Source: Tradingview
DOGE Price Prediction
Based on the observed technical indicators and chart patterns, the Dogecoin price appears poised for further upside, provided it can successfully break through the key resistance at $0.484. If the breakout occurs, the price could target the psychological level of $0.60 in the short term.
However, if the resistance at $0.48 holds and the RSI shows signs of exhaustion, DOGE might pull back to the support zone around $0.37 or further down to the $0.31 support.
As investors pile into the DOGE token, they are also snapping up the new Solana rival Solaxy (SOLX), which 99Bitcoins, a popular crypto channel on YouTube with over 721K subscribers, says might soar 100x after launch.
Solaxy Presale Rockets Past The $11 Million Milestone
Solaxy, the first Layer 2 on Solana, is gaining attention in the crypto world. Its presale has already raised $11.1 million, positioning Solaxy to tackle major challenges on Solana’s network.
Unlike typical meme coins, Solaxy comes with a practical aim: to address Solana’s network congestion. During high traffic, Solana can experience failure rates exceeding 50% for non-vote transactions. Solaxy seeks to fix this by introducing a Layer 2 solution, similar to how Optimism and Arbitrum enhanced Ethereum.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
Solaxy’s solution relies on three key features: off-chain processing to handle the heavy work, transaction bundling to cut costs, and secure settlement back on the main Solana chain.
By buying and holding SOLX, users can also earn passively through the platform’s staking mechanism, which offers a sky-high annual yield of 320%.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens at the current price of $0.001604 each using BNB, ETH, USDT, or a bank card. Buy before a price hike in less than 1 day to secure the best deal.
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