Sorting out the logic about Doge:
DOGE was only a few cents back in the day, and I believe it won't be long before Doge reaches $0.5! You may not believe Trump, but you must believe Musk!
1. The season of memes has arrived
This round of market activity is not the DeFi summer; memes are the engine of this market cycle. Many big players judged that September would be the bottom, and a new bull market would start, with October marking the second half of the bull market being the truly skilled ones, I haven't seen many, except for one metaphysical guru blogger.
Moreover, history repeats itself; from last year to this year, the script is identical—last year's small bull, this year's big bull. Everyone can compare and know from last year. January next year (when the Understanding King takes office) may see a situation similar to January 2021. A flood of big capital will surge into the crypto sphere, and there may be several new coins with a market value exceeding 10 billion USD.
2. After Trump's victory, market enthusiasm was driven up by Musk's concept of X and DOGE.
In August, Musk mentioned on X that he would manage a U.S. office called the Department of Government Efficiency (D.O.G.E.) under Trump's future second term in office. The abbreviation for this efficiency department happens to be doge, and if he takes office, it would definitely be a positive for Dogecoin, which is why Dogecoin has been rising rapidly recently!
Additionally, there are other related tokens like ELON and MASK that share similar attributes, and the market sentiment for these projects has also surged. These tokens have shown particularly outstanding performance, attracting a lot of attention.
3. From a technical perspective, after successfully breaking through just below the 23.6% Fibonacci retracement resistance, the weekly chart of Dogecoin shows a bullish pattern, characterized by a series of higher lows and higher highs, which is a typical sign of a sustained upward trend. It is currently testing the resistance zone just below the 23.6% Fibonacci retracement level at $0.21544. If this resistance level is successfully broken, it may pave the way for higher price targets. With Trump's victory, and gradually gaining control over both houses, it has paved some paths for the future of cryptocurrency, and the crypto market has responded well to this point.
