Dogecoin: Can it continue the legend and break through the $0.5 barrier?

Since the beginning of 2024, Dogecoin has soared like a rocket, becoming a dazzling star in the cryptocurrency world. From a low of less than $0.1 in October, it has made a remarkable comeback, now firmly standing around $0.44, with a market value exceeding $62 billion, showcasing its strong market appeal. Behind this is the enthusiasm of on-chain activities, explosive growth in trading volume, and the tidal wave of investor enthusiasm.

Investors are eagerly anticipating how far this wave of Dogecoin can go before the end of the year. Will it continue to soar, or will it take a brief pause, waiting for the next charge? From a technical chart perspective, Dogecoin's trend is strong, with the 50-day moving average acting like a springboard, pushing prices higher; the 200-day moving average serves as a solid safety net, firmly holding the lower ground. The gap between the two moving averages is gradually widening, and technical analysts are optimistic, believing the bull market is still on its way.

However, Dogecoin's relative strength index has fallen from an overbought high at the beginning of November to 62, seemingly reminding investors that the market enthusiasm may require a brief pullback. But this does not mean that the upward momentum has come to an end; if buyers regain confidence and push again, breaking through the $0.5 barrier is not out of reach. Once this critical point is surpassed, with its continuously growing market value and active network ecosystem, Dogecoin could even reach $0.6 or higher by mid-December.

However, the market is always full of uncertainties. If Dogecoin fails to successfully overcome the $0.5 hurdle and loses support at $0.4, then a pullback to $0.35 is also possible. Especially when trading volume and the number of active addresses begin to decline, market sentiment may quickly shift, casting a shadow over Dogecoin's prospects.

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