- Dogecoin price had a 1,100% pump on January 28 thanks to a Reddit group called WallStreetBets.
- Although the digital asset plummeted from $0.087 down to $0.03, it is still up 300%.
- DOGE is trading between two critical levels that will determine its future.
Dogecoin had one of the biggest cryptocurrency pumps in less than 48 hours jumping by 1,100% to a new all-time high of $0.087 reaching a total market capitalization of over $9 billion. Of course, this pump didn’t last long and the digital asset quickly dropped to a low of $0.022 but has recovered significantly.
Dogecoin price on the verge of another massive move
On the 4-hour chart, the Bollinger Bands have squeezed significantly and formed a range between $0.042 and $0.024. The trading volume of DOGE has also declined notably which indicates a major move is underway. A breakout above $0.042 would be a significantly bullish sign.
DOGE/USD 4-hour chart
The In/Out of the Money Around Price shows only one significant resistance area between $0.031 and $0.032 with 808 million DOGE in volume. Crossing above this point can drive Dogecoin price towards $0.042.
DOGE IOMAP chart
On the other hand, there is a stronger support range between $0.03 and $0.031 with 1.74 billion DOGE of volume. Losing this crucial level can push DOGE towards the support level of $0.024.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.