$DOGE This time it surged to 0.4685, rising 14%, catching the attention of the crypto community!
With this momentum, everyone is wondering: how will Dogecoin move in the next 24 hours?
I will analyze from three aspects: technology, big players' actions, and trading strategies.
Technical insights
Is the momentum strong? Just look at the RSI; Dogecoin's RSI is over 70 now, indicating that it has risen a bit too much and may need to take a breather or adjust.
MACD also shows that the upward momentum is quite strong, but be careful as it may gradually weaken.
What about the moving averages? Dogecoin is currently well above the 20-day and 50-day moving averages, indicating it's been on the rise. However, being too far from the moving averages may require a correction.
Support and resistance are also crucial. If Dogecoin corrects, $0.4500 is its important defense line. The 0.48 to 0.5 price level is being watched by everyone, which may trigger a big surge or many people starting to sell.
What are the big players doing?
The big players may be the driving force behind this rise; they have quietly bought a lot of Dogecoin, suddenly pushing the price up. If they start selling as the price approaches 0.48 to 0.5, then be careful, as they may want to cash in.
We also need to watch for any movements in large wallets and whether trading volume suddenly increases.
How will Dogecoin perform in the next 24 hours?
First possibility: continue to rise! Dogecoin may break through 0.48 and head straight for 0.5 or even higher. Seeing it rise so well, everyone is buying in, and retail enthusiasm is high, which may push the price up.
Second possibility: a slight correction. Dogecoin may correct a bit, finding support around $0.4500. This way, it can take a breather and prepare for the next surge.
However, if it falls below 0.4300, then be careful, as it may trigger more selling.
How to set trading strategies?
If Dogecoin breaks through 0.4800 with high trading volume, then buy quickly, with a target price of 0.5 to 0.52. However, if the price falls below 0.4700, then you should run quickly, as it may be a false breakout.
If Dogecoin corrects to 0.4500 and holds this level, then buy quickly, with a target price of 0.48 to 0.5. However, if the price falls below 0.4400, then you should accept losses and exit.
Overall, Dogecoin is really hot right now, but we must also be cautious of a correction or adjustment. We need to flexibly formulate trading strategies based on technology, big players' actions, and market conditions to make money in this wave of excitement!
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