Dogecoin Has Steadily Held at $0.3 for Ten Days, Gearing Up for a Breakthrough
Over the past ten days, Dogecoin's performance has been remarkably stable, holding firm at the significant $0.3 mark without breaking through. Experts on the blockchain are analyzing and suggesting that Dogecoin might be ready to make a big move this time.
Dogecoin seems to be playing a game of 'gathering momentum' between $0.3 and $0.335, with prices fluctuating back and forth, like it’s building up strength to break through this range. Currently, it is selling at $0.32, having risen by 2.6%. Although the increase isn’t too substantial, it gives us investors a sense of reassurance. However, for Dogecoin's price to truly soar, it needs to surpass the $0.35 hurdle, which is no small feat.
In the last 24 hours, Dogecoin's trading volume has surged by 37%, reaching $1.96 billion. As trading volume rises, prices follow suit, indicating that the Dogecoin craze is likely to continue for some time.
That said, the rise of Dogecoin is largely driven by speculation. To maintain a stable price, the support of our community members is essential.
Recently, meme coins have been going through a rough patch, with everyone starting to prioritize utility. Although Dogecoin fell by over 24% last month, it is not heavily correlated with Bitcoin BTC. This means that when Bitcoin drops, Dogecoin might be less impacted and could recover more quickly.
Looking at the liquidation data, it seems that everyone still has quite a bit of confidence in Dogecoin, with bulls outnumbering bears significantly, pushing the ratio up to 3.39.
Currently, the key point for Dogecoin is $0.315. If it can stabilize and continue to rise, then the $0.324 and $0.335 levels will be easily surpassed. However, if the price falls below $0.315, caution is advised as sellers might take the opportunity to gain the upper hand, potentially driving the price down to $0.304. Further down, the support level at $0.293 will face a test.
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