Is your Dogecoin stuck? After Bitcoin broke new highs reaching 104088 USD, the market continued to decline, dropping to 94150 USD in the early hours today. Affected by Bitcoin's drop, Ethereum's lowest point was around 3500 USD, and Dogecoin also fell to about 0.367 USD, hitting its lowest point in nearly two weeks. Is this how the bull market ends? Can Dogecoin still reach 1 USD?
Dogecoin is currently oscillating around 0.4 USD. According to Dogecoin's trend analysis, it is still expected to continue moving downwards in the mid-term.
According to trend analysis, Dogecoin's lower support point is at 0.37. If it breaks this, we may see levels around 0.35.
When this bull market first started, Dogecoin was one of the most prominent cryptocurrencies, skyrocketing from 0.1 USD to 0.48 USD, with a 470% increase in just one month. At that time, Musk's comments could raise Dogecoin by more than 10%, but now, a 5% increase is considered good. Is Dogecoin really at its peak?
Through technical trend analysis, if the support level below does not break 0.35, there is a chance for an upward rebound, potentially reaching the previous high point near 0.48 USD.
So, if you are currently holding onto Dogecoin, there’s no need to panic; buying in at lower levels still offers hope for profitable exits. After a pullback, if it can rise to around 0.48, and with favorable news, successfully breaking through the critical resistance point at 0.5 USD could lead to a good rally, with hopes of rising to around 0.6 USD this year!
Dogecoin has strong community support and brand recognition, with many newcomers in the crypto space asking, 'How do I buy Dogecoin?' It has a catchy name, an affordable price, and strong consensus. Elon Musk's endorsement is a key factor in its price increase. Currently, Dogecoin's whale trading volume has increased by 41%, reaching 23.35 billion USD, with over 9,400 transactions recorded on-chain, equivalent to 60.9 billion Dogecoins, worth about 23 billion USD. This indicates high market activity, which is favorable for price increases.
The current bull market in the crypto market is still in its mid-term, and the real major bull market is expected to arrive in the first quarter of 2025. At that time, you will see certain cryptocurrencies rising by dozens or even hundreds of times. Some altcoins may even rise several times in a single day.
I believe that Dogecoin's breakout has not truly arrived yet. There are still favorable news ahead for the crypto space. First, with Trump officially taking office on January 20, if it is announced or implemented to make Bitcoin a strategic asset for the United States, it would be a huge boost for cryptocurrencies, and Bitcoin could potentially soar to 150,000 USD. Dogecoin could then take off as well, rising to 0.8 or even 1 USD. Moreover, Musk has previously mentioned supporting Tesla's commodity transactions, and if this policy is implemented, Dogecoin could really take off, even reaching prices we cannot imagine!
In summary, Dogecoin has great potential at least in this bull market, with conservative estimates suggesting it could hover around 0.5 USD this year. With a major bull market coming in 2025, Dogecoin could conservatively break its previous all-time high, with 0.73 USD within reach. If favorable news materializes, I truly hope to hold Dogecoin starting with 1 USD!
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