Dogecoin Price Looks To Close January On A Positive Note, Will February Be Any Different?

Dogecoin has succeeded in maintaining a relatively positive position by the end of January despite the Intense volatility during the month. With January almost over and the Dogecoin price that the month is closed on a positive note is the following prospects that awaits us for the meme and / or dogecoin investors can see one Similar price trend In February.

Dogecoin price performance in January

The price movement of Dogecoin in January was full of intense volatility. The Meme Munt opened the month trade on the price level of $ 0.315, after he had fallen in the second half of December. Interestingly, this opening price turned out to be an important level of support throughout the month, where Dogecoin repeatedly tested and bounced off in response to market fluctuations.

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With regard to performance, the price fluctuations of Dogecoin reflected in January the turbulence that was seen in the cryptomarket, with considerable manipulation that played a role in his process. After the beginning of the month at around $ 0.315, the meme coin colored up during the first seven days, in line with Bitcoin’s revival above The price level of $ 100,000.

This first upward movement saw the Dogecoin price reach $ 0.39 on January 7. It was short -livedSuch as the intense volatility mentioned above that saw profits within 48 hours. After a rejection near $ 0.4, Dogecoin fell by about 19% in two days before he finally bounced the support at $ 0.31. Interestingly, Dogecoin would test this level twice within the next five days.

The second retest of this support zone led to a strong rally of 40% that after several attempts again pushed above the resistance level of $ 0.40. This upward momentum peaked with Dogecoin that reached $ 0.4313 on January 18.

However, this price high became a new rejection, which led to a new downward trend. Dogecoin and many other cryptocurrencies witnessed Fomoed on Donald Trump’s Meme Coinlaunched on January 17. Despite this enormous setback, once Dogecoin Support again found At the level of $ 0.315, its importance strengthens as a fixed price floor.

What to expect in February: Momentum retained or confronted with a reversal?

The euphoria around the elections of Donald Trump and Meme Coin has ended, the market seems to be cool downAnd Dogecoin has started with a gradual recovery above $ 0.31. As January ends, the interest is on February to see if the Memecoin can maintain its current momentum during the month or can undergo another volatile movement within a range.

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At the time of writing, Doge acts at $ 0.33, an increase of approximately 4.25% compared to the opening of January. According to historical Price data of CryptorankThe Dogecoin price was brought down more often in February. February 2024, however, turned out to be a positive month for the Meme Munt, because it closed the month on a win of 50% of its open. A similar performance would see Dogecoin that would close around $ 0.5 on February if it would close at the current price.

According to a crypto analyst, current market dynamics suggest that DOGE soon one Strong pump above the price level of $ 0.4. The most important thing at the moment would be that Dogecoin is higher than $ 0.315 and $ 0.3. Not holding above these levels can delete the Bullish Momentum.

Featured image of Unsplash, graph of TradingView.com