Can
$DOGE break the callback curse and create brilliance again?
DOGE is now hovering around $0.4, and retail investors are feeling anxious: is this market about to soar to the sky, or is it going to take a big tumble?
Recently, Dogecoin has twice been on the verge of touching the $0.5 threshold, but the result seemed to be held back by some force, failing to cross over, and even forming a 'double top' pattern, making people feel that the bears are about to make a comeback. Moreover, those technical indicators are constantly flashing red lights, making the situation truly worrisome.
This week, Dogecoin even stepped on and broke the short-term trend line and the 21-day moving average, making the upward momentum feel like it was put on pause, clearly weakening. If it can't even hold the 'old bottom' of $0.33-$0.35 from the end of 2021, then the price could really plunge, possibly dropping straight back to $0.2 in early 2024.
But on the other hand, the entire cryptocurrency market seems to be quite optimistic right now, who would dare to jump in easily with such a large correction?
Furthermore, Dogecoin has a government department called 'DOGE' that is frequently appearing on social media and news, which has garnered significant attention. Even if the cryptocurrency market bubble doesn't burst, Dogecoin's position in people's minds is still stable.
So, this drop is probably just a small episode, and the price of Dogecoin might soar to $1 in the next few months.
Friends holding Dogecoin should stay calm and not be scared off by this minor turbulence.
How high can Dogecoin bounce in the future?
Speaking of Dogecoin's price in the coming months, it looks quite promising; I find the $1 target to be very feasible.
But how long can this surge of Dogecoin last? We need to start counting from its inception in 2014; it has already experienced three market cycles. These cycles might point us in the right direction.
Each time it climbs up from the bear market low, Dogecoin has been able to exceed the 4.236 Fibonacci extension level, and the rebound in 2021 even pushed this level out of sight.
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$DOGE #XRP逆势反弹 #BTC重返10万 #美联储12月降息预期上升