Yesterday (November 12), the price of Dogecoin broke through the key psychological level of $0.4, with an increase of over 150% in the past week and nearly tripling in the last 30 days, attracting widespread attention and discussion in the market.
Current DOGE Market Data
As of now, Dogecoin's price has reached a high of $0.43, marking the first time it has hit this level since June 2021. According to AICoin market data, Dogecoin has increased by over 25% in the last 24 hours, currently valued at $0.391. For more details, please visit the PC version at https://www.aicoin.com/download.
Recently, DOGE has shown a clear upward trend, with a strong rise starting from November 6. On yesterday (November 12), it exhibited a long upper shadow, indicating some selling pressure at high levels, but the overall closing price remained high.
Image Source: AICoin
Currently, both the DIF and DEA are positive, and the MACD histogram remains positive, indicating that the market is in a bullish trend. The RSI14 is approaching the overbought zone (above 75), suggesting potential short-term pullback pressure. Strong buying pressure may continue to support the price and push it to break through higher resistance levels.
EMA7, EMA30, and EMA120 are all diverging upwards, with short-term, medium-term, and long-term moving averages showing a bullish arrangement, supporting a continued bullish outlook.
The market capitalization of Dogecoin has surpassed some major competitors, such as XRP and USDC. Although it was initially created as a joke, according to the latest market data, Dogecoin's market cap has soared to over $56 billion, making it the sixth-largest cryptocurrency by market cap.
Image Source: AICoin
Trading Strategy Recommendations
Buy and Sell Points Suggestions
Buy Point One: $0.350 USDT (Reason: Near previous low, support at round number)
Buy Point Two: $0.340 USDT (Reason: Closer to the low on November 12, further confirmation of support)
Long Stop Loss Point: $0.335 USDT (Reason: Next potential support level after breaking below Buy Point Two)
Sell Point One: $0.420 USDT (Reason: Recent high pressure zone, resistance at round number)
Sell Point Two: $0.430 USDT (Reason: Potential new high area after breakout)
Short Stop Loss Point: $0.435 USDT (Reason: Resistance above after exceeding Sell Point Two)
For investors, short-term operations should be cautious, considering taking profits near key resistance levels or buying on dips near support levels. For long-term investors, paying attention to changes in market fundamentals and broad market acceptance may be more important.
Short-term Forecast: If DOGE breaks $0.43 with significant trading volume, the price may rise further. Otherwise, it may find support around $0.3369.
Long-term Outlook: With strong community support and an increasing number of merchants accepting DOGE payments, its long-term potential remains. The market's optimism about DOGE reaching $1 continues to grow.
From a macroeconomic perspective, the market volatility following the U.S. elections and the overall bullish sentiment in the cryptocurrency market may provide further upward momentum for Dogecoin. Especially with the continued support from Elon Musk and other tech tycoons, Dogecoin's market influence and recognition are expected to further increase.
The high volatility of the market also means potential risks. Investors should remain cautious while chasing high returns to avoid unnecessary losses due to market fluctuations. As suggested by Mishaboar in a tweet, investors should only invest funds they can afford to lose and avoid overly leveraged investment strategies.
Conclusion
The price of Dogecoin breaking $0.4 is an important milestone for DOGE. As one of the most well-known meme coins in the crypto market, the future development of Dogecoin remains promising. Investors should carefully assess market risks and pay attention to relevant market dynamics and trends when considering participation in the Dogecoin market.
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