Dogecoin (DOGE) Holds Crucial Level, Eyes on 25% Rally
Despite significant price drops across the cryptocurrency market, the world’s largest meme coin, Dogecoin (DOGE), has managed to stay above key levels, avoiding a major drop.
On January 13, 2025, the overall cryptocurrency market declined sharply, with major assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) experiencing significant losses. A breakdown of key support levels could further depress asset prices.
Growing interest from traders and investors
DOGE has experienced similar price momentum but has managed to stay above key levels. According to on-chain analytics firm Coinglass, this is due to rising interest from traders and investors over the past 24 hours as they placed large bets on the DOGE meme coin.
Bullish on-chain indicators
Data shows that the Binance DOGEUSDT long-short ratio is 4.22, indicating that for every short position, there are 4.22 long positions, reflecting the strong bullish sentiment among traders.
Currently, 80.83% of the top traders on Binance hold long positions, while 17.17% hold short positions. Heavy bets on the long side by Binance traders also helped keep support at $0.30.
In addition to traders, long-term holders have also shown strong interest and confidence in the DOGE meme coin and appear to be accumulating their holdings in large numbers. Spot inflow/outflow data shows that the exchange has recorded DOGE outflows worth over $45.05 million.
This suggests that long-term holders have taken advantage of the recent price decline and withdrawn large amounts of meme coins. This massive outflow could create buying pressure and drive further upward momentum.
DOGE price prediction
Besides lower price levels, another factor that attracts traders and investors is support levels. The last time DOGE reached this level, the price increased by more than 25% to reach the $0.40 mark. Given the current market sentiment, investors and traders are speculating on a similar upward rally this time around.
Current Price Momentum
Currently, DOGE is trading close to $0.3247, with the price losing more than 4.20% in the past 24 hours. However, its trading volume surged 90% during the same period, indicating increased participation from traders and investors.
