Dogecoin Price Looks To Close January On A Positive Note, Will February Be Any Different?
Despite Strong fluctuations throughout the month. It was almost over in January, and the price of dog coins was positive this month. Similar price trends In February.
Dog price performance in January
In January, the price of dog coins was full of strong fluctuations. Meme Coin opened the transaction of the month with a price level of $ 0.315, a decline in the second half of December. Interestingly, this open price is proven to be an important level of support for the whole month. Dogecoin repeatedly tests and bounces to respond to market fluctuations.
Related reading
In terms of performance, Dogecoin’s price fluctuations in January reflect the turmoil of the entire cryptocurrency market, and its huge manipulation plays a role in its trajectory. Starting in one month, about $ 0.315, the cause coin Upward On the first seven days, and Bitcoin’s rejuvenation The price level of $ 100,000.
The first movement made the price of Dogecoin reaches $ 0.39 on January 7. but, This is a short timeAs the strong fluctuations mentioned above, these income disappeared within 48 hours. After refusing to be close to $ 0.4, Dogecoin fell about 19 % within two days, and finally bounced at a price of $ 0.31. Interestingly, Dogecoin will re -test the level twice in the next five days.
The second re -test of the support area led to a strong 40 % rally. After multiple attempts, Doge pushed Doge a $ 0.40 resistance level. This rising momentum reached its peak, and Dogecoin reached $ 0.4313 on January 18.
However, the high price rejection rate has led to a new downward trend. Dogecoin and many other cryptocurrencies have witnessed a large amount of capital rotation outflow flow On Donald Trump’s coinLaunched on January 17. Although it encountered huge setbacks, Dogecoin used to Find support again At a price of $ 0.315, it is important to increase it as a stable price.
What is the expectation of February: Maintaining power or facing reversal?
Focusing on the ecstasy of the end of Donald Trump’s elections and the end of coins, the market seems to be cool downDogecoin has begun to gradually restore $ 0.31. With the end of January, interest will check whether Memecoin can maintain its current motivation within this month, or perform another turbulent movement within a certain range.
Related reading
When writing this article, the transaction price of Doge was $ 0.33, an increase of about 4.25 % over January. According to history Price data from CryptorankThe trend of dog prices declined in February often declined. However, in February 2024, it was a month of the first month for aluminum coins, because its opening time was 50 %. Similar performances, if Dogecoin ends at the current price, it is closed at about $ 0.5 in February.
According to an encrypted analyst, the current market dynamics show that DOGE will soon experience the experience The price level of the strong pump is higher than $ 0.4. However, the most important thing at present is that Dogecoin holds $ 0.315 and $ 0.3. No more than these levels may eliminate the rise of bullish.
Charts from unsplash characteristic images, tradingView.com
