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Dogecoin Price Prediction as DOGE Falls 4.8% in 24 Hours – Time to Buy the Dip?

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Dogecoin price appears to have taken breathe from the New Year rally which had propelled it to highs around $0.0940. The leading meme coin is down 4.8% on the day while trading at $0.0840 at the time of writing.

This trend pullback is not unique to DOGE, with Ethereum sliding 5%, Cardano and Solana both losing 6.2% while Shiba Inu is trading 6.6% down on the day.The total crypto market cap fell by approximately 3.5% to hold barely above $1 trillion.

This is the first major pullback since bulls started to aggressively push for higher prices in early January. The uphill movements in Dogecoin and Shiba Inu brought back the meme coin hype, which contributed to the crypto market regaining the $1 trillion capitalization mark a couple of weeks ago.A note about the state of the market by Bitfinex exchange – sent to CoinDesk outlines that the rally seems “promising on paper” but assets still lack the support of traders."While the rally looks promising on paper, the reality is that there are still limited traders in the markets," analysts at Bitfinex wrote in a Jan.19 note sent to CoinDesk.”Bitfinex explained that:“With the recent leg-up driven purely by sentiment, low funding rates and cascading short liquidations."Dogecoin price paused its three-week rally, but price analysis shows that the uptrend will soon resume.

A forming green candle on the daily time chart sits on support at $0.0802 in confluence with the 50-day Exponential Moving Average (EMA) (in red) and the 100-day EMA (in blue).However, bulls must hold their feet down and deal with an immediate resistance at $0.0866, as reinforced by the 200-day EMA (in purple) and the lower boundary of the falling trend channel.

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