Altcoin
Dogecoin Price: Analyst Drops Comprehensive Technical Analysis, What You Should Know
Dogecoin’s price movements have been the subject of much speculation in the past few months by various crypto analysts, with many of the analyses based on its pattern repetition in market cycles. A recent analysis posted on the TradingView platform delves deeply into Dogecoin’s technical outlook with indicators such as Fibonacci levels, Elliott Wave Theory, and the Wyckoff Method to forecast both downside and upside price targets for the cryptocurrency.
Macro Analysis: Elliott Waves And Fibonacci Levels Show Liquidity Zones
According to the analyst, Dogecoin’s price has been following a clear Elliott Wave structure starting from its bear market low of $0.045 in 2022 until its recent multi-year peak of $0.48 in December 2024. Interestingly, this projection suggests that the five impulse waves have already been completed, and the next stage is the formation of the ABC corrective waves. Waves A and B have already played out, leaving wave C to complete the structure and create the last corrective wave in the pattern.
With this correction in mind, the analyst used Fibonacci levels for additional insights into how it plays out. Using a trend-based Fibonacci retracement, the analyst predicted that Dogecoin could retrace to $0.213 as the price mark aligns well with the 0.382 Fib retracement level from its recent peak in December.
Similarly, the 0.618 Fibonacci retracement level, calculated from the wave 4 low to the wave 5 peak, suggests a target of $0.235. A green box zone between these two levels is highlighted as the likely liquidity zone before the next bullish leg.
The correction, if it happens, doesn’t necessarily spell doom for Dogecoin. This is because the meme coin has consistently revisited the 0.382 level during past market cycles before surpassing its all-time highs. Therefore, a repeat of this behavior could set the stage for another Dogecoin price rally over a longer timeframe that will eventually break above $0.73 and set a new all-time high.
Zooming In: Wyckoff Phases And Short-Term Prediction
When analyzing the current price action, the analyst identifies Wyckoff Distribution Schematic #2 as the prevailing pattern for Dogecoin. This method separates market movements into phases (A to E) to predict price behavior. According to the analysis, Dogecoin is transitioning through these phases and is expected to enter phase E by January 23, 2025.
Further examination of the 4-hour chart reveals an ABC corrective pattern, with wave C anticipated to mirror the magnitude of wave A’s decline. The analyst calculates this drop as aligning perfectly with the 0.382 Fibonacci target at $0.213. Using additional Fibonacci retracements and extensions, short-term support and resistance zones have been identified, further reinforcing the $0.213 to $0.235 liquidity zone. With this, the analyst predicted a Dogecoin price bottom between January 30 and February 3, 2025, before it transitions toward a bullish trend.
Looking ahead, the analyst suggests that Dogecoin is building momentum for a significant upward movement once it completes its correction. Notably, the analyst predicted that Dogecoin will rebound and reach $1.9 once the correction is completed.
At the time of writing, Dogecoin is trading at $0.3577.
Featured image from Adobe Stock, chart from Tradingview.com
XRP whales have shown no signs of slowing down their accumulation spree as they continue to load up coins. Over the last 72 hours, whales have bought over 90 million XRP as the ecosystem braces for an announcement that could send prices on a rally.
XRP Whales Accumulate 90 Million Coins Valued At Nearly $250 Million
Onchain analyst Ali Martinez has identified significant whale activity in XRP’s ecosystem in the build-up to the White House Crypto Summit. In the last three days, XRP whales have purchased over 90 million XRP in a massive accumulation spree.
The total value of the XRP whales’ purchase stands at nearly $250 million, reversing a mass whale dump at the end of February. The recent whale accumulation follows a raft of positive metrics for XRP as investors ready themselves for a rally-inducing bull run.
Apart from the recent purchases, XRP whales have transferred over $5 billion worth of coins between addresses during the week. Furthermore, XRP’s active addresses have surged to 462,000 from lows of 74,589 as the plot thickens.
On the flip side, there are fears that the accumulation may be a classic “pump and dump” ahead of the White House Crypto Summit.
Is Something Big Incoming?
While on-chain indicators are largely positive for XRP, recent fundamentals are pointing to incoming positives for the ecosystem. The inclusion of the coin in the Crypto Strategic Reserve signals regulatory acceptance for the project in Washington.
For now, a potential big announcement will be the dismissal of its long-running case against the US SEC. There have been speculations that a Ripple SEC lawsuit could be next after the Commission agreed to dismiss the Kraken lawsuit
Furthermore, there are whispers that Ripple co-founder Brad Garlinghouse may be tapped for a government appointment. The community is hinging their theories on Garlinghouse’s attendance at Friday’s White House Crypto Summit.
XRP whales and the rest of the community expect the policy discussions at the summit to be largely bullish for the embattled project. At the moment, the crypto is exchanging hands at $2.60, rising by 5% over 24 hours, buoyed by growing optimism.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
XRP price is showing strong bullish momentum, with analysts pointing to key resistance levels that could determine its next major move. Recent technical analysis indicates that the Ripple token has successfully broken through its 4-hour resistance level, strengthening the case for a continued rally.
Analysts suggest that the top altcoin must surpass the critical resistance at $3.3999 to confirm further movement beyond the $5 mark.
XRP Price Eyes $5.85 Target as Momentum Builds – Key Levels to Watch
According to Dark Defender, XRP price has broken its 4-hour resistance, indicating an increase in buying pressure. The token must now surpass the key resistance level at $3.3999 to confirm a continuation of the bullish trend. A successful breakout could trigger a rapid price move toward higher levels.
The current support level for the Ripple token is at $2.22. Holding above this point is crucial for maintaining bullish momentum. If the token remains above support and surpasses resistance, analysts predict a price move toward $3.80, followed by a potential surge to $5.85. This scenario would align with a broader breakout pattern in the altcoin market.
Moreover, the Relative Strength Index (RSI) has formed a Golden Cross, a technical pattern that often signals strong upward momentum. This development suggests that XRP price could continue to rise as buying pressure intensifies.
If XRP maintains its bullish structure, the RSI could remain in an optimal range before reaching overbought conditions. This would allow further price gains before a potential pullback.
CasiTrades Analysis: Ripple Token Approaching Resistance
Additionally, analyst CasiTrades has identified a key trading range for XRP price, with support at $2.57 and immediate resistance at $2.70. The token has re-entered its previous consolidation pattern and is testing the upper trendline. A breakout from this range could lead to further gains.
The Fibonacci retracement levels indicate additional support zones at $2.48 and $2.42. If XRP price holds above these levels, the bullish trend remains intact. A confirmed breakout above $2.70 could accelerate price movement toward the next resistance at $3.05. Beyond this level, analysts anticipate XRP to test $3.40, aligning with a broader market uptrend.
Price Breakout Could Lead to an Altcoin Rally
The current market structure suggests that XRP is positioned for a potential breakout, which could contribute to a broader altcoin rally.
Moreover, following the recent inclusion of the Ripple token in the Strategic Reserve, XRP price could rally significantly, fueling bullish momentum in the altcoin space. While some analysts predict a more conservative target between $8 and $320, Crypto Pal’s bullish projection suggests a potential surge to $10,000 or beyond.
Meanwhile, CryptoQuant CEO Ki Young Ju has pointed out that the rising demand for stablecoins could be a key catalyst for an upcoming altcoin season. He argues that Bitcoin dominance is no longer the sole indicator of market shifts, emphasizing that trading volume now serves as a more reliable metric.
At press time, XRP price $2.61, reflecting a 7% increase in the past 24 hours. Despite a drop in 24-hour trading volume to $6.35 billion, its market cap has surged to $151.44 billion.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Donald Trump’s World Liberty Financial (WLFI) has partnered with the Sui network to create a SUI Strategic Reserve. The DeFi project will also collaborate with the layer-1 blockchain on other development opportunities.
World Liberty Financial Partners With Sui To Create Strategic Reserve
In a blog post, Sui announced that it has collaborated with Trump’s World Liberty Financial. As part of the collaboration, WLFI plans to add SUI to its Strategic Reserve, a move to help boost leading projects. Commenting on this partnership, the DeFi project’s Web3 Ambassador stated they are excited to work with Sui and explore the innovative opportunities this collaboration presents.
World Liberty Financial’s co-founder Zak Folkman said,
We chose Sui for its American-born innovation combined with impressive scale and adoption. It is a natural complement to our mission of bringing decentralized finance to more Americans. Given our plans to support foundational DeFi assets in the coming months, collaborating with Sui was an obvious decision.
Evang Cheng, the original contributor to Sui, also commented on this collaboration. He said they are thrilled that the DeFi project has agreed to explore collaboration with the layer-1 network.
He further remarked that they believe that the combination of Sui’s technology and WLFI’s ambitions could help redefine how the world stores and uses assets. According to him, both projects share a vision of a future where people take back control of their “finances, creations, and online agency,” and their collaboration will make this a reality faster.
This development comes just days after US President Donald Trump announced the US Strategic Reserve, including coins like Ethereum, Solana, XRP, and Cardano. Although the president didn’t mention SUI, there is the possibility of the altcoin being in the reserve as he added that the initiative would include other “valuable cryptocurrencies.”
SUI Price Surges
The SUI price has surged over 13% on the back of World Liberty Financial’s decision to create a Strategic SUI Reserve. This development undoubtedly provides a bullish outlook for the cryptocurrency.
Crypto analyst Captain Faibik stated that SUI is getting ready for a massive bullish rally. He added that a successful breakout could send the coin to a new all-time high (ATH) in the coming weeks. His accompanying chart showed that the SUI price could rally to as high as $5.7 as it targets a new ATH.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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