PENGU Token Refreshes Solana Record, Can Dogecoin Take Advantage of the Momentum?
Since its release on December 17, PENGU has broken the $1 billion market cap in just 9 days, far exceeding the previous fastest-growing Solana meme coin PNUT. According to CoinMarketCap data, the latest trading price of PENGU is $0.04004, with a 24-hour increase of 12.6%, once again proving the unlimited potential of the meme coin market.
Meanwhile, Dogecoin (DOGE), despite experiencing a price adjustment, shows through technical analysis that it is nearing a key support level, potentially leading to a new round of increases. This article will explore Dogecoin's technical trends and market potential in conjunction with PENGU's success.
Dogecoin Today's Market:
Dogecoin is ranked 33rd, with the latest price at $0.31784, down 5.43% in the last 24 hours. The all-time high price was $0.73757, with a market cap of approximately $46.72 billion, and a 24-hour trading volume of $8.14 billion.
Technical Analysis: Key Support for Dogecoin and Future Prospects
Dogecoin's current price is about $0.31605, approaching the Fibonacci retracement levels. Analysts point out that the following two support levels are crucial:
$0.28082: Corresponding to the 0.618 Fibonacci retracement level, if support is found here, Dogecoin is expected to rebound. $0.22213: Aligns with the 0.786 Fibonacci retracement level; if it falls to this level and stabilizes, it could be a good entry opportunity for investors.
Additionally, Dogecoin's price trend corresponds with a descending wedge pattern, indicating that after narrowing price ranges, it may break upward.
Potential Breakout Targets: Short-term Bullish Opportunities for Dogecoin
If Dogecoin stabilizes and rebounds at the aforementioned support levels, analysts predict it might break through the following price targets:
$0.49784: Short-term resistance level. $0.58185: Mid-term target. $0.66228: Long-term upward target.
On-Chain Data: Dogecoin Market Sentiment and Investor Confidence
The number of daily active addresses for Dogecoin has decreased from 50,000 in October 2023 to 34,800 in December 2024, indicating relative market stability and a decline in investor attention. However, the total number of holders continues to grow, reaching 6.9 million by December 2024.
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