Dogecoin counterattacks! Musk’s words triggered a wave of waves, and DOGE was approaching the $2 mark!
Since Musk mentioned Dogecoin on the X platform, the price of the cryptocurrency has been soaring, successfully breaking through the highest point in the previous two months. The rally has sparked heated debate within the crypto community, especially as Trump's poll numbers rise, suggesting his chances of winning the election are increasing.
As of now, the price of Dogecoin is $0.1330, having achieved a 23% increase in the past 7 days, including a 6.8% increase in the past 24 hours alone. However, it is worth noting that the overall cryptocurrency market saw a 1.5% decline as Bitcoin price struggled to return to $68,000.
Dogecoin has historically been known for its large swings, especially during bull markets. For example, in 2017, the price of Dogecoin increased by 8,000%; and in 2021, it achieved an astonishing 23,000% increase. So, by December, can the price of Dogecoin break through the $2 mark?
Since Dogecoin was created in 2013, although it missed the Bitcoin halving in 2012, it still enjoyed some of the gains after the halving. Looking ahead, Dogecoin has performed particularly well post-Bitcoin’s halving. According to historical trends, Dogecoin will experience a surge after every Bitcoin halving. For example, 231 days after the second halving on July 9, 2016, the price of Dogecoin surged approximately 8,000%; while 192 days after the third halving on May 11, 2020, the price of Dogecoin It has experienced an astonishing increase of 23,000%.
In the short term, the price trend of Dogecoin has also attracted much attention. Currently, Dogecoin has broken out of the falling wedge and retested to confirm the rebound, showing signs of a bullish reversal. Immediate resistance is currently at $0.14. If Dogecoin can continue to rise, it could surge to $0.23, breaking out of the year’s highs. The next stop after that is the $0.29-$0.33 range, and the ultimate goal is to hit a new all-time high.
The copycat season is here, if you don’t want to miss out, look for me in the main business!
