The surge of Dogecoin is indeed inseparable from Elon Musk's influence! He is not only a loyal fan of Dogecoin but also actively supports Trump's campaign. To help Trump, Musk generously donated $118 million to a super political action committee. Trump reciprocated by saying that if he is re-elected, he would let Musk lead a committee to improve government efficiency, humorously naming it the 'Department of Government Efficiency DOG.E.'
So, can Dogecoin really soar? Technically, Dogecoin's momentum is indeed strong, with a relative strength index already at 70, showing a clear upward trend. Moreover, Dogecoin's 30-day moving average has just completed a 'golden cross' with the 200-day moving average, which is an important breakout signal!
Analyst ali_charts stated in yesterday's tweet that DOGE is testing the $0.19 price resistance at the 50% Fibonacci retracement level.
In the previous Fibonacci retracement, the 50% resistance level of DOGE often rebounds to higher Fibonacci extension levels (over 100%); therefore, ali believes that if Dogecoin successfully breaks above $0.19, it may rise further to the Fibonacci 161.8% and 227.2% extension levels, which are target prices of $4 and $23 respectively. Thus, Dogecoin could potentially increase by 20 times.
BabyMarvin, as an emerging MEME coin, not only inherits the cultural spirit of Dogecoin but also integrates the advantages of modern blockchain technology. We look forward to #BabyMarvin -f9c7 bringing us amazing price increases.
