Jan 20, 2025

A key technical development on the Dogecoin (DOGE/USD) chart could hint at a bullish move if current support levels hold, according to crypto market analyst Kevin (@Kev_Capital_TA). After roughly a month in a downward-sloping pattern, DOGE appears to be rebounding off the former resistance line of this channel—an event that often garners attention among traders looking for an upswing. On Sunday (Jan 19), Kevin noted that Dogecoin had been “trading in a falling channel for over a month” and was “currently back testing” the channel’s upper boundary. He emphasized that it was crucial for DOGE “to hold this and bounce,” noting that failure to do so might force a “reassessment” of the chart. Thus far, it seems the cryptocurrency is managing to defend its newfound support. DOGE briefly dipped to about $0.345 before closing two deep wick four-hour candles back above the trend line. Kevin pointed out this “nice bounce off the retest” and its alignment with key four-hour moving averages, suggesting the potential for higher prices. Related Reading 2 days ago At press time, Dogecoin sits around the $0.38–$0.39 level, showing resilience at its former resistance-turned-support. Kevin noted: “Dogecoin is catching a nice bounce off the retest of the falling channel I have been tracking along with its key 4HR moving averages. Very nice.” Dogecoin price analysis, 4-hour chart | Source: X @Kev_Capital_TA Despite Dogecoin’s promising technical setup, Kevin stressed that altcoins remain heavily dependent on Bitcoin’s direction and market dominance. He referred to the ongoing crypto cycle, asserting that “we have never been in an altseason” so far in this bull run. According to Kevin, altcoins will not “durably outperform the King” unless BTC dominance falls below the 54.51% threshold and USDT dominance sinks beneath 3.7%. Related Reading 2 days ago He also observed that Bitcoin dominance was nearing 59%, effectively “attacking the macro golden pocket” and potentially threatening altcoin performance. If BTC reestablishes its lead above these critical dominance levels, Kevin believes the short-term outlook for most altcoins—Dogecoin included—may remain constrained, even if their individual charts look constructive. Another factor adding turbulence to the crypto market is the recent memecoin launch by incoming US President Donald Trump. Kevin lamented that, in his view, the crypto market had been “the healthiest” it had looked in four years—highlighting how higher-quality utility coins were gaining traction and how investors seemed to be “fleeing to quality left and right.” However, he claims that “in just 36 hours,” those close to Trump released a memecoin that derailed this dynamic, sparking renewed meme coin speculation and pulling many solid projects down by double-digit percentages. Despite describing this frenzy as a “temporary derailment,” Kevin believes the situation will eventually stabilize: “It may take a few weeks, but I still think we’re in a very good spot.” For Dogecoin, the immediate signal to watch is whether it can continue holding above its retested channel line. A decisive bounce above the $0.40-$0.41 region could bolster the bullish case, especially if broader market conditions remain supportive. On the other hand, any surge in Bitcoin dominance—and the possible return of heightened meme coin mania—may introduce fresh headwinds. At press time, DOGE traded at $0.38. DOGE price bounces from support, 4-hour chart | Source: DOGEUSDT on Tradingview.com Featured image created with DALLE, chart from TradingView.com Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. Read more His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons. Close Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk. Related News Δ About Us NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies. We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk. Company