Dogecoin (DOGE): Why did Dogecoin rise 1100% after the 2021 inauguration?

The current price trend of Dogecoin is similar to the period during the 2021 presidential inauguration, indicating it may reach new highs. Despite a decline of over 10% in the past week, it continues to strengthen in a bearish environment.

In the week following the inauguration of the new president in 2021, Dogecoin surged by 1100%, rising from $0.00684 to $0.0795.

The following two charts show that Dogecoin's current trend is remarkably similar to the bull market of 2021.

In the first chart, the two moving average lines show a blue trend line crossing above the red trend line, indicating potential upward momentum for Dogecoin.

The second chart displays the current market situation for Dogecoin, with a trading price of $0.344. Through Fibonacci extension and retracement, resistance and support zones are clearly visible. Dogecoin is approaching the crucial Fibonacci level of 0.414, which coincides with a historical resistance level above $0.344. The two Fibonacci levels of 0.739 and 1.547 correspond to $0.7 and $1.4, respectively, and if the upward trend continues, these will become long-term bullish targets.

In this chart, the moving average lines also show a similar bullish crossover, where the blue MA line intersects with the red MA line;

this suggests a potential breakout, similar to the market situation after the 2021 presidential inauguration.

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