The Secrets Behind the Surge in Dogecoin Prices: Will It Achieve a 200% Increase by Year-End?
In the past 24 hours, the price of Dogecoin (DOGE) has risen by 4.9%, currently priced at $0.372. However, after a brief rise, the price has entered a consolidation phase, forming a new key resistance area. What is behind this volatility? Is it profit-taking by investors exiting the market or a precursor to a larger surge?
**Price Prediction: Can Dogecoin Rise to $1.35?**
Despite the recent price consolidation, technical analysis shows the upward trend may not be over.
1. **Symmetrical Triangle Formation**
Dogecoin is currently within a symmetrical triangle, and low trading volume indicates that selling pressure is gradually decreasing, which is often a signal for a breakout.
2. **Relative Strength Index (RSI)**
The RSI shows that Dogecoin is nearing the overbought territory, suggesting bullish momentum remains strong.
3. **Wave Theory and Upward Potential**
The strong movement from $0.14 to $0.44 may represent the first wave of the uptrend, while the current triangular consolidation phase may be the second wave correction. If the third wave of the uptrend is confirmed, the price is expected to soar by 200% to $1.35.
**Key Resistance and Support Levels**
If the current consolidation range is broken, Dogecoin may face the following resistances:
- **$0.44** (recent high)
- **$0.51** (27% Fibonacci extension)
- **$0.91** (161.8% Fibonacci extension)
Support levels below:
- **$0.32** (38.2% Fibonacci retracement)
- **$0.14** (long-term support)
**Behind the Price Surge**
The recent rise is mainly driven by two factors:
1. **Favorable Policies**
News from the U.S. government efficiency department has boosted market confidence. The Trump administration may bring more policy support to the cryptocurrency industry.
2. **Market Sentiment**
Investors have high expectations for Musk's leadership, combined with the meme culture effect, keeping DOGE's market popularity consistently high.
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