Dogecoin (DOGE) Price Analysis: Approaching the $0.4 Mark
Dogecoin is now selling for $0.404, up 5.6% in 24 hours and 400% so far this year!
This Dogecoin is testing the $0.4 barrier. If it breaks through in one go, it may reach $0.43.
There is also good news from Northern Europe. Valour has launched the first Dogecoin exchange-traded product (ETP), which is a new option for institutional investment. Now, it can be bought on the Swedish Spotlight stock market, making it more convenient to invest in Dogecoin.
The market is still hot, with open contracts of $3.25 billion, and everyone is actively participating. Although it is a little less than the previous high of $3.77 billion, the enthusiasm remains unabated.
Dogecoin is at a critical moment now. If it passes the $0.4 barrier, it can continue to rise; if it fails, it may have to return to $0.36 or even $0.34.
The financing rate has also increased, from 0.0124% to 0.025%, indicating that everyone is optimistic about Dogecoin and wants to buy more.
The entire memecoin industry is also very hot, with a total market value of $115 billion, a 5% increase in 24 hours, and a 94% increase this month.
Technical analysis shows that Dogecoin has now formed a V-shaped recovery pattern, with prices between $0.3915 and $0.4050. This range is very critical, and the 50-hour and 200-hour simple moving averages intersect here.
The trading volume is also large, with the cumulative memecoin trading volume approaching $55 billion. It seems that everyone is very active, and both retail and institutions are participating.
Some analysts said that if Dogecoin can continue to break through $0.4, the price can continue to rise; if it can't, it may have to fall.
Some analysts have found the potential for growth on the Dogecoin chart, and it seems that there is still hope in the future.
Recently, there is an interesting thing. The United States has established a new government agency, and its abbreviation is the same as the stock code of Dogecoin. What a coincidence.
For the next layout direction, I will lead everyone to aim at the profit opportunities of the cottage, especially those projects with great potential. There is no problem with the expected space of more than 10 times. If you want to make a lot of money in the bull market, like + leave a message, and take you to layout the entire bull market!
