A new week begins, and Bitcoin is still in a continuous pullback, reaching a low of $93,700 this morning. With Bitcoin's pullback, nearly all cryptocurrencies are following Bitcoin's trend. Ethereum pulled back to a low of $3,216 this morning, while Dogecoin pulled back to $0.3. Judging by the current trend, the market direction is still looking downward. We are currently at the end of the first phase of the bull market, entering the consolidation phase of the second stage. Only with a deeper market pullback can more people get on board and kickstart the second phase of surging. After the second phase begins, Bitcoin may still have a chance to break through $120,000. So, does Dogecoin still have a chance to rise to $1?
DOGE is one of the cryptocurrencies that exploded first in this bull market. After Trump was elected and the top leader Musk co-managed the DOGE government efficiency department, Dogecoin soared. From around $0.1 before the election, it surged to a nearly three-year historical high of $0.475 in early December. However, it has recently shown obvious weakness, with a decline of nearly 30% in the last 14 days, briefly falling to $0.26 on the 20th, and currently hovering around $0.31. The 24-hour increase is -1.27%.
Can Dogecoin still rise to $1?
Of course, Dogecoin's recent decline is partly due to Bitcoin's drop and partly due to news of Musk being controlled by the military. It will take at least a week for Dogecoin to digest this news. If we expect Dogecoin to explode again or rise above $1, I believe several factors need to come into play:
1. When the first phase of the bull market ends, expected in January, the market will stabilize, Bitcoin will continue to surge, and break through $110,000, $120,000, or even rise to $150,000, which will certainly drive altcoins to soar wildly. At that time, Dogecoin will have the opportunity to challenge a new high in the near term.
2. By mid-January, when Trump officially takes office and announces that Bitcoin will become a strategic resource for the U.S., other countries will follow suit, which will be great news for Bitcoin, Dogecoin, and the entire cryptocurrency market.
3. Trump's presidency will alleviate Musk's crisis, and Dogecoin will certainly rise in response. At that time, Musk will also need to keep promoting Dogecoin to help it reach higher positions. There have been previous reports that Tesla will support Dogecoin payments; if that day comes true, then Dogecoin will not only break through $1 in price but also elevate from meme king to a stable token in crypto.
From the weekly K chart, DOGE has closed with bearish candles for two consecutive weeks, with the KDJ indicator showing a death cross, the MACD indicator's green volume shrinking, which indicates a downward signal, and the RSI indicator showing an overbought death cross, all indicating a downward signal. On the daily chart, the price has fallen below the 60-day moving average, completing a transition from bullish to bearish. The 12-hour level focuses on the support point of $0.3; if this position fails to hold in the future, the next support levels will be $0.26 and $0.2. Success in defending will build a central consolidation between $0.3 and $0.35, with a continuation of the downward trend in the later market.
Besides Dogecoin, what other potential coins are worth ambushing right now?
1. Pepe - As a classic meme coin, Pepe has regained attention due to Musk's mention, and its market value has exceeded $10 billion, demonstrating its strong market appeal. In this year's bull market, it has not yet shown strong performance, but I believe it has great potential when the altcoin bull market arrives in 2025. PEPE benefits from brand effect and community strength, making it highly likely to be the next dark horse meme coin.
2. XRP - Over the past month, XRP's price has seen an astonishing surge of up to 100%, reaching a historical high of $2.9, driven by a strong market rebound. This significant growth is primarily attributed to the legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) seemingly nearing a favorable resolution for Ripple, which has undoubtedly boosted investor confidence. In the future, XRP will undoubtedly continue to be one of the most favored altcoins by investors before 2025. As the legal dispute between Ripple and the SEC becomes clearer and the market re-evaluates XRP's value, we can believe that XRP's future development will be full of infinite possibilities.
3. SUI - Since August of this year, Sui has shown an upward trend, recently jumping to a new height of $4.37. This significant growth highlights its increasing appeal in the market. It is a Layer 1 blockchain platform, well-recognized for its fast, private, and secure digital asset management services, quickly becoming a potential altcoin in the eyes of many investors. Sui's current strong momentum reflects investors' confidence in the altcoin market before 2025. With innovative smart contract solutions, it can continue to solidify its position as a top altcoin competitor.
The first phase of the bull market has now ended, and after a deep pullback, the second phase has begun. Prepare your bullets, and enter the market accurately at the right moment to ensure steady profits! If you have been frequently cutting losses, being trapped, or unable to analyze market trends and judge buying and selling opportunities recently, you are welcome to join us and follow us through the bull and bear markets!