Dogecoin Experiences Second Major Correction Amid Price Recovery Efforts
Dogecoin is regaining momentum after a significant drop on January 3, which resulted in liquidations of traders betting on price increases. This decline marked the largest price drop for Dogecoin in six months.
Key points:
- Recent correction was Dogecoin's second major pullback in the current bull cycle.
- Price fell to $0.2237 after a 32% decrease from $0.329 within 24 hours.
- This represents a 58% correction from its December 2024 price of $0.49.
- The drop resembles previous corrections before reaching all-time highs.
Future price movements towards $1 are contingent on Bitcoin’s performance, as Dogecoin typically follows Bitcoin's trends. Currently, DOGE is trading at $0.2593 and has shown signs of upward movement after bouncing from $0.223.
Resistance levels to watch include:
- $0.33, which must be reclaimed for bullish momentum.
- A break above this level could lead to targets of $0.4 and $0.5.
- Bitcoin needs to surpass $100,000 to support further gains.
