#doge⚡
Is the Dogecoin price rally over?
The correction in Dogecoin prices continued throughout the weekend, and the strong rally of the past four weeks may be coming to an end. The popular meme cryptocurrency fell from a recent high of $0.4265 to a low of $0.3431, a drop of 19.55%. The drop has sparked a heated discussion on social media, with people wondering how long Dogecoin's rise can last and whether the momentum of the rise has passed.
The decline in Dogecoin prices is simply a sign that people in the market are not as enthusiastic. Social media sentiment, which is the key to Dogecoin's popularity and price trend, is looking a little weak.
Interest in Dogecoin is not over yet
Despite its status as a major cryptocurrency, Dogecoin's price rise is mainly based on the emotions of traders, rather than its practical functions or the support of a large company. This pattern of relying on emotions is quite regular: when everyone is excited, the price will soar; when the enthusiasm subsides, the price will have to pull back.
The recent wave of popularity of Dogecoin is due to Trump and Musk, who are related to the US presidential election, and some funny associations with government efficiency. When Dogecoin is mentioned on social media, the popularity rises rapidly. Now, it seems that everyone's enthusiasm has faded, and the price adjustment of Dogecoin has also come.
What will happen to Dogecoin next?
It is quite interesting that the recent rise and fall of Dogecoin has formed a "bull flag pattern" on the 1-hour candlestick chart. This pattern looks like the current trend will continue, and the price of Dogecoin will rush up. Now, it depends on whether it can close above $0.40, so that the momentum of the bull market can be stabilized.
The test of the big bull market is not only the rise and fall of the market, but also the test of our mentality. In the face of changes in the account, we must remain rational. Next, I will announce the next coin with ten-fold potential! It is better to grasp it than to guess blindly! Like + leave a message, free sharing.
