DOGE Market Outlook: The Probability of Breaking the Bull Market High Increases, But Breaking $1 Is Challenging
1. Strong Rebound with Limited Selling Pressure: DOGE rebounded significantly last week, and during the pullback phase, the trading volume was relatively low, and the decline was not large. This clearly demonstrates strong buying power, while selling pressure remains at a low level. This situation expands the space for future price increases, indicating that it has strong rebound momentum.
2. Low Probability of Breaking $1: Looking back at October to November last year, DOGE experienced a speculative surge, but subsequent developments showed a lack of momentum. From the current market situation, DOGE's market capitalization is at a high level, and to achieve a significant upward movement, a large amount of incremental funds is required. Considering these factors, its increase may struggle to reach the levels seen during the market from October 10, 2024, to November 12, 2024, so the probability of breaking $1 is relatively low.
