After climbing steadily for the past five weeks, DOGE is experiencing a short-term correction. This comes after testing a key resistance point around 43 cents. However, the leading meme coin remains optimistic and could still reach 90 cents soon.
Here's why $DOGE is still a strong contender:
Solid Fundamentals: Despite the correction, Dogecoin boasts a market valuation of roughly $54 billion and daily trading volume exceeding $15.3 billion.
Long-Term Bullish Trend: Looking at the bigger picture, DOGE has been forming a pattern of higher highs and higher lows on weekly charts since October 2023, suggesting a long-term bullish trend.
Technical Analysis: While some short-term charts might indicate a potential reversal, Dogecoin has established a support level above 35 cents, potentially acting as a launchpad for the next surge.
Whale Confidence: Investors, including major players ("whales"), are still showing strong interest in DOGE. On-chain data reveals that whales bought a significant amount of DOGE (140 million units, worth over $56 million) in the past 24 hours.
So, don't let the short-term dip discourage you! Dogecoin appears to be well-positioned for a potential climb towards 90 cents shortly.
Remember: The cryptocurrency market is volatile, and past performance doesn't guarantee future results. Always conduct your research before making any investment decisions.
