Dogecoin may drop 50%, but why should you still be bullish?
Dogecoin ($DOGE) is currently hovering around $0.4, leaving investors feeling anxious, unsure if the price is about to soar or take a drastic plunge.
In the past two weeks, Dogecoin has touched the edge of $0.5 twice but slipped back down. It appears that bears are making a comeback, and other technical signals are also flashing red.
$DOGE broke below the short-term trend line and the 21-day moving average this week, making the bullish momentum seem less convincing.
If the support level of $0.33-$0.35 from the peak at the end of 2021 cannot hold, Dogecoin could suddenly drop 50%, returning to around $0.2 in early 2024.
But don't panic; even in that scenario, the outlook for Dogecoin in your hands may not be that bad.
The overall cryptocurrency market still looks bullish, and the newly elected U.S. President Trump is also supportive of cryptocurrencies.
Everyone believes that good days are coming for the U.S. crypto industry and the entire crypto market.
Additionally, Dogecoin has gained a lot of attention on social media due to the “Dogecoin Efficiency Department” (just joking), boosting its popularity.
As such, Dogecoin is sure to capture the hearts of many in the cryptocurrency bull market bubble.
So, this drop might just be temporary, and reaching $1 for Dogecoin in the next few months isn't a dream.
Friends holding Dogecoin should remain calm and not be scared off by short-term fluctuations.
As for how high Dogecoin can rise, that's hard to say.
But the target of $1 still seems quite feasible.
Looking at Dogecoin's historical trends, it could at least rise to $3 each this time.
Moreover, Dogecoin has often exceeded everyone's expectations in the past.
So, it’s not impossible for Dogecoin to rise to $10 this time.
Although that target is a bit ambitious, it would require a market cap of trillions of dollars to sustain.
However, a tenfold increase from Dogecoin's current price to a market cap of hundreds of billions of dollars is still very much possible.
As for the next layout direction, I will guide everyone to aim for high-profit opportunities in altcoins, especially those with great potential, expecting a growth space of over 10 times is not a problem. If you want to make big money in the bull market, like and comment to join me in positioning for the entire bull market!
