Dogecoin surges to $0.6, a new high of $1 is just around the corner
Dogecoin is truly a standout among meme coins; while other meme coins are falling, it is leading the pack. A large influx of funds has pushed it directly to a high of $0.46. Given the momentum, Dogecoin is about to start another upward trend, and it might even reach the threshold of $1 before the end of 2024.
A few days ago, Dogecoin closed with a bullish candle at the critical level of $0.39, and it opened the day above $0.4. This surge has seen the number of active addresses skyrocket from 70,000 to 1.6 million, and trading has been extremely lively, with the token fluctuating significantly. Moreover, those big whales have been reducing their holdings lately, which opens up opportunities for us small retail investors.
Dogecoin seems to be following its historical script and entering a new upward cycle. The technical indicators and trading environment are quite similar to those before the bull market in 2021. It appears that Dogecoin not only aims for $1 but also intends to climb even higher.
Historical price trends indicate that Dogecoin has adjusted properly; with a golden cross emerging, a rebound is imminent. The 50-day moving average and the 200-day moving average have also crossed, causing the price to surge. If this rebound is as fierce as the previous one, the price could double, and it might even touch a high of $11 during the bull market.
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