Dogecoin fell 16% in a month, but this trader believes that the price of Dogecoin will reach $1 in 2025
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Recent trends:
Current price: Dogecoin (DOGE) is currently trading at $0.3264, down 3.87% in the past 24 hours.
Performance in 2024: So far this year, Dogecoin has risen 0.55%, and the increase in 2024 is close to 273%, showing strong growth momentum, but it is currently facing correction pressure.
Analyst views:
1. Tardigrade's bullish forecast:
Target price: Tardigrade, a popular cryptocurrency trader, reiterated his bullish view on Dogecoin and set a target price of $2 in 2025 and $8 in 2028.
Market adjustment: Tardigrade emphasized that pullbacks are often a harbinger of sharp rises, and advised investors not to worry too much about the current adjustment. According to his analysis, DOGE will eventually reach the $1 milestone as the market cycle progresses.
2. Javon Marks’ Bullish Outlook:
Prediction: Javon Marks is also optimistic about Dogecoin, predicting that DOGE will enter a “massive” bull cycle. He said that DOGE could see a +120% increase and may even break its all-time high.
3. Kevin’s Bearish Sentiment:
Bearish View: Although some analysts are bullish on DOGE, another analyst Kevin put forward a bearish prediction that if the price of Bitcoin (BTC) does not rebound, DOGE may continue to fall until it hits the bottom.
Market Sentiment and Positioning:
Derivatives Market: According to Binance’s long/short ratio data, more than 82% of derivatives traders hold long positions and expect DOGE to rebound in the next few days.
Popular blockchain analysis: According to IntoTheBlock's analysis, DOGE received a "mostly bullish" signal, while Ethereum (ETH) and Cardano (ADA) received a "mostly bearish" signal respectively.
Technical analysis:
Support and resistance:
Current support level: about $0.30, if it falls below this level, it may further pull back to $0.25.
Resistance level: about $0.40, breaking this position may open up further room for growth.
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