Dogecoin has captured the attention of analysts with its wild price swings and parabolic rallies that have marked its history. From its surge in 2017 to its recent price in 2024, Dogecoin has shown volatility. As of Dec. 2024, Dogecoin is experiencing price fluctuations, with emerging patterns that may offer insights into future market behaviour.
In 2017, Dogecoin experienced a price surge, increasing by 212% before a 40% retracement. It then rallied by an astounding 5,000%, showcasing the coin’s potential for massive returns.
Similarly, in 2021, Dogecoin rose by 476%, followed by a 56% retracement, only to skyrocket by 12,000%. As of 2024, Dogecoin has risen 440%, with a 46% pullback currently in place. According to market analysts, if history is any guide, these fluctuations could indicate another potential parabolic rally.
Recent market behaviour and current price levels
Dogecoin’s most recent price data shows it trading at approximately $0.3159, marking a 1.30% decrease over the last 24 hours. The market capitalization sits at around $46.53 billion, and the 24-hour trading volume is reported at $4.09 billion, reflecting a significant decrease of 24.51%.
Despite the price dips, Dogecoin continues to exhibit high levels of trading activity, suggesting a market in flux and high investor interest. The coin’s price fluctuated throughout the day, peaking at $0.3201 before dropping to $0.316, illustrating the constant volatility that defines Dogecoin’s trading behaviour.
Technical indicators and short-term outlook
On the 4-hour chart, Dogecoin shows key technical indicators, such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), which offer insights into the coin’s price movements.
The RSI is currently at 43.14, just below the neutral 50 level. This indicates that Dogecoin is neither overbought nor oversold. While a reading below 30 would suggest oversold conditions, the current RSI value signals that the market may be in a period of consolidation.
At the same time, the MACD indicator shows a mild bullish divergence, as the MACD line is above the signal line and can indicate a forthcoming shift in short-term dynamics.
While the histogram only displays positive bars, the overall momentum is still not very high. If this upward movement is sustained, more upward movement is probable, and Dogecoin might strive to reach the $0.35 price level.
