Dogecoin: Is a Rebound Imminent?

Recently, Dogecoin has sounded the bullish alarm strongly, with market enthusiasm skyrocketing. Open interest contracts surged 5.38%, breaking through the $2 billion mark with momentum. Its price rebounded nearly 20% from a low of $0.2685 earlier this week, and has now climbed another 2% to $0.32, with market capitalization also rising, surpassing $47 billion.

Last week, the Fed's hawkish turn left the crypto market bleak, with Dogecoin experiencing a weekly decline of 20%. However, the dawn of a rebound has already appeared. On the daily K-line chart, the TD Sequential indicator trusted by traders has issued a buy signal, accurately capturing the trend reversal point, indicating that Dogecoin's price is expected to reverse.

Looking back, Dogecoin's explosive rise has an astonishing history. In 2017, it first soared by 212%, and after a correction, it initiated a 5000% surge; in 2021, it rose by 476% followed by a 12000% increase; as of 2024, it has already increased by 440%, and if history repeats itself, hitting the $18 high is not out of the question.

Now, the rise in open interest contracts lays the foundation for the rebound, and Elon Musk's connection to Dogecoin remains strong. Especially with Trump's term coming to an end and Musk taking on the role of co-chairman, under this new situation, how much impact will he have in helping Dogecoin reach $1? This has sparked much discussion. Currently, Dogecoin urgently needs to break through the key resistance at $0.42 to aim for higher targets.

Meanwhile, the Musk-themed 'puppies' project on the Ethereum chain is thriving, with high community activity and continuous technological innovation, showing great potential. Investors, quickly open your eyes, seize the opportunity, and start a new chapter of wealth.

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