Dogecoin (DOGE) has made headlines with its impressive 19.1% surge, pushing its price to $0.37.
This price movement has reignited conversations about Dogecoin’s future. Many are focusing on the bold prediction that the token could reach as high as $15. This forecast is based on its ongoing trajectory within a multi-year ascending parallel channel.
As of Jan. 2025, Dogecoin has regained some upward momentum after a period of consolidation. From a low of $0.0028 in 2017, DOGE has experienced volatile swings, including a peak in 2021 before retracing into a more stable range.
As of press time, DOGE has risen by 19.1%, reaching a price of $0.37. This recent movement is significant, as it brings the token closer to the upper boundary of its long-term ascending channel, which has served as a foundation for its price fluctuations over the years.
Despite the daily 0.20% decline in price, Dogecoin’s market cap remains stable at $54.75 billion. Meanwhile, the 24-hour trading volume has surged by nearly 38%. This increase in trading activity suggests growing market interest, with many investors speculating about DOGE’s future price potential.
Inflows and Outflows: A shift in market sentiment
The dynamics of Dogecoin’s market flows are key to understanding its potential trajectory. The chart depicting DOGE’s spot inflows and outflows indicates a strong buying interest in 2023, especially during notable price surges.
During the early November 2023 price spike to $0.54, the inflows peaked, signaling optimism among traders and investors. However, by December 2023 and January 2024, the inflows slowed, and outflows increased.
Despite the dip in buying interest, Dogecoin’s recent price recovery in early 2025 points to renewed optimism, suggesting that buyers are waiting for a clearer direction to push prices higher. If DOGE can sustain its current momentum, the next resistance levels could be near $1.20 and potentially higher if the bullish trend remains intact.
Dogecoin technical indicators: A balanced market?
Two fundamental parameters, the Relative Strength Index and Moving Average Convergence Divergence indicators, explain Dogecoin’s current situation. Following the RSI signal, with 45.84, DOGE is between oversold and overbought conditions. This balance of steady growth means that under the appropriate external conditions, Dogecoin can continue to strengthen or act in a volatile manner in the short term.
The MACD, on the other hand, depicts a bull setup by giving a positive divergence, although the MACD line is near a bearish crossover. When writing this article, the MACD line was above the signal line.
However, the gap is contracting, and the histogram displays red bars, signifying that a bearish signal may surface once the MACD line goes under the signal line. In this case, the $0.38 support level may be questioned, and another low may follow before the correlation that sparks the next rate begins.
