Yesterday (November 12), the price of Dogecoin broke through the key psychological threshold of US$0.4. Dogecoin has risen by more than 150% in the past week, nearly three times the past 30 days, which has aroused widespread attention and discussion in the market.
DOGE current market data
So far, the price of Dogecoin has reached a high of $0.43, the first time it has reached this height since June 2021. Dogecoin has risen by more than 25% in 24 hours and is now worth $0.391
The price of DOGE has shown a clear upward trend recently. DOGE started a strong rise on November 6, and a long upper shadow appeared yesterday (November 12), indicating that there was a certain selling pressure at a high level, but the overall closing price was still high.
Currently, both DIF and DEA are positive, and the MACD histogram continues to be positive, indicating that the market is in a bullish market. RSI14 is close to the overbought zone (above 75), suggesting that there may be a pullback pressure in the short term. Strong buying pressure may continue to support the price and push it to break through higher resistance levels.
EMA7, EMA30, and EMA120 are all diverging upward, and the short-term, medium-term, and long-term moving averages are in a bullish arrangement, supporting continued bullishness.
Dogecoin’s market cap growth has surpassed some of its main competitors, such as XRP and USDC. Although it was originally created as a joke, Dogecoin’s market cap has climbed to over $56 billion, making it the sixth-largest cryptocurrency by market cap, according to the latest market data.
Trading strategy suggestions
Buy and sell point suggestions
Buy point 1: 0.350 USDT (reason: near the previous low point, integer level support)
Buy point 2: 0.340 USDT (reason: closer to the lowest price on November 12, further confirming support)
Long stop loss point: 0.335 USDT (reason: the next potential support level after breaking through the second buying point)
Selling point 1: 0.420 USDT (reason: recent high pressure range, integer level resistance)
Selling point 2: 0.430 USDT (reason: a new high area that may be tested after a breakthrough)
Short stop loss point: 0.435 USDT (reason: above resistance after exceeding selling point 2)
For investors, short-term operations should be cautious, and they can consider taking profits near key resistance levels or buying on dips near support levels. For long-term investors, it may be more important to pay attention to market fundamentals and broad market acceptance.
Short-term prediction: If DOGE breaks above $0.43 and is accompanied by a large trading volume, the price may rise further. Otherwise, it may find support near $0.3369.
Long-term outlook: With strong community support and as more merchants accept DOGE payments, its long-term potential remains. Market optimism about DOGE reaching $1 continues to rise.
From a macroeconomic perspective, the market turmoil after the US election and the overall bullish sentiment in the cryptocurrency market may provide further upward momentum for Dogecoin. Especially with the continued support of Elon Musk and other technology tycoons, Dogecoin's market influence and awareness are expected to increase further.
High market volatility also means potential risks. While chasing high returns, investors must also remain cautious and avoid unnecessary losses due to market fluctuations. As Mishaboar suggested in his tweet, investors should only invest funds that can afford to lose and avoid over-leveraged investment strategies.
Summarize
The price of Dogecoin breaking through $0.4 is an important milestone for DOGE. As one of the most well-known meme coins in the crypto market, the future development of Dogecoin is still worth looking forward to. When considering participating in the Dogecoin market, investors need to carefully assess market risks and pay attention to relevant market dynamics and trends.
I am Crypto Xiaomei, a long-term coin hoarder. I don't touch contracts and don't recommend leverage. I make coins in a bear market and U in a bull market. If you are also such a person, then you are welcome to join the Xiaomei team (no fees! No promotion! No return!).
Let us go through the bull and bear markets together, keep each other warm, and strive to be a thicker leek.
