Dogecoin, a popular meme coin in the cryptocurrency space, shows signs of recovery and bullish momentum after several days of decline. As of January 30, 2025, along with other major assets, DOGE demonstrates positive price movement.
DOGE Price Momentum
With a positive market outlook, DOGE is currently trading near $0.33 and has experienced a price surge of over 4.05% in the past 24 hours. Following a price reversal from the crucial support level of $0.31, traders and investors have shown strong interest and confidence, leading to an 8.5% increase in trading volume compared to the previous day.
Dogecoin Technical Analysis and Key Levels
According to expert technical analysis, DOGE appears to be forming a bullish double-bottom price action pattern on the daily time frame. However, the meme coin's bullish price action is still in formation and is currently at a support level of $0.31, which has a history of strong bullish price reversals. If DOGE holds this support level, there is a strong possibility it could soar by 25% to reach the $0.41 level in the coming days.
Bullish On-Chain Metrics
Looking at the bullish price action and market sentiment, traders and investors have been betting on and accumulating the meme coin, as reported by the on-chain analytics firm Coinglass. Data from spot inflow/outflow revealed that exchanges have witnessed an outflow of a significant $11.50 million worth of DOGE. This can create buying pressure and lead to a further upside rally. Traders seem to be strongly betting on the long side, with the DOGE Long/Short ratio standing at 1.056, indicating strong bullish sentiment.
When combining these on-chain metrics with technical analysis, it becomes evident that bulls are strongly supporting the meme coin and could help it achieve the predicted level in the coming days.
