Dogecoin is still bottoming out - Analysts say it could rise to 0.63 after breaking through
Over the past month, Dogecoin ($DOGE) has been hovering around $0.44, trying several times but failing to break through the high of $0.48 from November. This prolonged bottoming process has made traders and investors quite anxious, all hoping for a decisive breakout to make this popular coin hot again.
Big shot Carl Runefelt recently mentioned on the X platform that he believes Dogecoin is still building up momentum for a rise. He said this bottoming could be part of a big layout, potentially earning a lot in the future. Runefelt is quite optimistic about Dogecoin, believing that once it breaks out, new heights are just around the corner.
The trend of Dogecoin is closely related to the larger environment, especially the performance of Bitcoin. Bitcoin has recently broken through $100,000. Since niche coins generally follow Bitcoin, everyone is guessing that Dogecoin will also break through soon.
However, before Dogecoin truly breaks that barrier, the market remains cautious. In the coming days, whether Dogecoin can shake off its current bottoming state and continue to rise depends on it.
Since November 12, Dogecoin has been hovering like this, and traders don’t know where it’s headed next. Although it briefly surged to $0.48 on November 23, it has been quiet since, continuing to bottom out, and investors and analysts are waiting.
The potential after breaking through
If Dogecoin really can break out, the next target might be $0.6350. However, analysts also mentioned that this requires patience; during Dogecoin's bottoming phase, everyone needs to be patient.
Although it seems slow right now, once Dogecoin breaks out, the rise could be rapid. Bitcoin has already broken through $100,000, and everyone believes that these niche coins like Dogecoin should also rise. Now, everyone is keeping their eyes on Dogecoin to see if it can break through the barrier of $0.44.
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