In the cryptocurrency circle, Musk can be regarded as the 'traffic password'; every move can cause a huge stir. Just before Christmas, this tech giant once again 'cued' Dogecoin ($DOGE) on Weibo, instantly raising the heat of the entire cryptocurrency market.
Past experiences show that whenever Musk mentions Dogecoin, whether intentionally or not, the coin price seems to be pressed on the 'start button'. So, how is the Dogecoin market situation right now?
From the price data, the latest quote is $0.30491, down 4.89% from before, with today's highest price at $0.32460 and the lowest at $0.30280. In terms of trading volume, it reached 2.25 billion DOGE, equivalent to 707.58 million USDT, indicating intense capital competition. Although there is a slight drop currently, Musk's Weibo post could very well become the 'catalyst' for a market reversal.
Looking ahead at Dogecoin's trajectory, technical analysis shows that $0.33 is a key resistance level. If successfully broken, reaching $0.35 or even higher is not a dream; while $0.30 is an important support level, if held, it will give confidence for a subsequent rebound.
Market sentiment has been ignited by Musk's Weibo post, and Dogecoin fans are cheering as if they see the dawn of wealth.
For traders, opportunities and risks coexist. Although Musk has a strong ability to drive sales, Dogecoin's price is highly volatile, so it's crucial to set stop-loss orders during trading and keep a close watch on key breakout price levels. Friends planning to hold for the long term should also fasten their 'seatbelts' and prepare for a potentially wild ride.
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