Dogecoin is among the tokens that are experiencing a drop in momentum, volume & volatility while the buzz surrounding the tokens remains high. The recent upswing validates the rising dominance of the bulls as the memecoin is subjected to a strong breakout. The volatility has now increased, reacting to the broader market sentiment and social media activity. Now that the technicals have also flashed a bullish signal, the DOGE price is set to launch a strong bullish rise soon.
As of now, the DOGE price has recorded a modest rise of 5% in the past 24 hours, trading at $0.1949. Regardless of the short-term volatility, analysts continue to remain bullish on Dogecoin as the demand for the token is expected to rise notably. Based on a consumer report by Security.org, Americans are planning to invest in Dogecoin after Bitcoin and Ethereum. These are the top 3 tokens they would invest in in 2025, followed by SOL, XRP, & USDC as per data published by Coin Bureau.
On the other hand, the liquidation heatmaps show the DOGE price is flashing potential squeeze levels, which could pave the way for sharp moves ahead.
Will DOGE price Reach $1 in the Upcoming Bull Cycle?
The Doge price has been experiencing both bullish and bearish pressures over the past 2 quarters, which has kept the token consolidated within a decisive symmetrical triangle. However, after experiencing excessive pressure, the token seems to be close to the edge of a breakout. While the technicals point to a strong breakout to the higher levels, the bearish interference could cause a strong rejection below $0.17.
As seen in the above chart, the Bollinger bands remain expanded while the price has rebounded from the lower band and is about to test the average band. Once the price rises above this range, the token is believed to keep rising to reach the resistance of the pattern and further trigger a breakout to the upper bands of Bollinger at $0.25. Besides, the MACD shows a possibility of a bullish crossover as the selling pressure fades away.
Therefore, the technicals suggest the Dogecoin (DOGE) price is at the foothill of an explosion, and hence a rise above the consolidation could elevate the levels beyond the local highs at $0.48. However, reaching $1 still remains a tedious task to achieve.
