History repeats itself? Dogecoin's third market cycle heralds a rocket-like surge at the end of the year!
This week's memecoin circle is very lively, and it feels like a wave of enthusiasm is coming. Especially Dogecoin, this guy has been very strong recently, and it seems to be replicating the previous surge.
Speaking of memecoins, the most eye-catching performance this week is Pepe. Its trading volume directly overshadows the sum of the two big brothers Shiba Inu and Dogecoin, which is really impressive. Dogwifhat and Floki Inu are also not to be outdone, with an increase of more than 30%. In comparison, although Dogecoin has also increased by 11%, it feels like it has fallen behind.
The question now is, can Dogecoin make another push and stand firmly at the price of $0.12? Judging from the recent technical trend, Dogecoin has broken through the previous narrow range and the price has begun to rise. Moreover, the entire cryptocurrency market is preparing for the prosperity at the end of the year, and Dogecoin's momentum for this wave of growth is still quite strong.
Looking at the charts again, Dogecoin is about to break through the downward trend line on the daily chart, and it has formed a double bottom pattern, which is a strong signal for an increase! Although it may not be as crazy as those small meme coins, Dogecoin is stable and is a relatively safe investment option.
From historical experience, Dogecoin is now in the consolidation stage of the third market cycle, which is very similar to the trend before the previous surges. When the consolidation is completed, it is likely to soar like a rocket, and it is expected to be seen in the fourth quarter of this year. Therefore, I think it is very likely that Dogecoin will break through and maintain above $0.12.
In addition, the on-chain data also supports the rise of Dogecoin. Most shareholders are making money, and the major shareholders have a lot of chips in their hands. The trading activity is also very high, and most people are long-term holders, which shows that everyone has enough confidence in Dogecoin.
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