According to Altcoin Sherpa, a famous Cryptocurrency expert, Dogecoin is a memetic Cryptocurrency that is loved by people. It may be on the verge of explosive growth, and its price will reach US $0
According to Altcoin Sherpa, a famous Cryptocurrency expert, Dogecoin is a memetic Cryptocurrency that is loved by people. It may be on the verge of explosive growth, and its price will reach US $0.5. Join us: like+follow (public hao: make you sweet dreams)
Potential rebound of Dogecoin: patient game
Sherpa stated that a significant increase in prices will not be a miracle overnight. Investors may have to wait for the opportunity, sacrificing opportunities to enter other lucrative investments during the waiting period.
Sherpa also pointed out that the focus of popularity may shift to other meme currencies, such as ShibaInu (SHIB) and Pepe (PEPE), further complicating the rise of DOE.
Breaking through resistance: EMA indicators
Sherpa's analysis shows that the Dogecoin has broken through resistance marks, especially the index moving average (EMA). At present, it seems that DOGE is retesting the key 89 day moving average, and signal traders often associate the possibility of a trend reversal. If history repeats itself, DOGE may rebound to $0.50, which is the last price level it enjoyed at the end of 2021.
At the time of writing this article, the trading price of Dogecoin was 0.071 US dollars, which had a positive change of nearly 3% in the last day. However, meme based Cryptocurrency still has a difficult journey.
It is on a bullish short-term trend path, but approaching a strong long-term resistance level above the $0.07 range. The next direct resistance level is $0.077.
Elon Musk's touch into gold
Another key factor in the trend of the Dogecoin market is Elon Musk. After Tesla and SpaceX CEO tweets, the price of DOGE soared by nearly 4% in just a few minutes. Musk's mention on social media has always influenced the price trajectory of DOGE, indicating that his influence remains a factor affecting the future performance of the token.
Although the short-term outlook is bullish, the long-term price forecast of Dogecoin still tends to be bearish, unless it can decisively break through the imminent resistance zone. If this is not achieved, the token may retest its annual low point. However, if Sherpa's analysis is correct and the patience of the holder is rewarded, the Dogecoin may surprise the encryption community at a price of $0.50.
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