Musk is doing something new again!
According to Twitter CEO, X platform (formerly Twitter) will soon launch a trading function, and users will be able to directly purchase stocks and cryptocurrencies in the future. As soon as this news came out, the market was instantly in turmoil: Is the era of everyone speculating in cryptocurrencies really coming soon?
As the favorite currency of "Doge Dad" Musk,#Dogecoin(DOGE) has naturally been pushed to the forefront. Don't forget that his "Government Efficiency Department" is directly called "Doge", and even Tesla peripherals can be paid with DOGE. This level of "official promotion" is something other currencies can only envy.
Current situation: Dogecoin is sideways, trading volume is shrinking, and there is a hidden mystery
Currently, the price of#DOGEhas risen slightly to $0.17, but the overall trading volume is light. It has fallen by nearly 3% in the past week, and the daily trading volume has dropped by 30%, and the participation has decreased significantly. Although this sluggish trading volume is not conducive to short-term breakthroughs, it also means that "small moves can cause big fluctuations" - as long as one positive news can detonate the market.
Technical analysis: The triangle pattern is approaching its end point, and a breakthrough is imminent
Since the beginning of 2024, DOGE has gradually converged into a symmetrical triangle structure. Crypto analyst Ali pointed out that the technical pattern will reach its apex in June 2025, which means that the next few weeks will be a critical moment to determine the direction.
Upside target: If the daily close breaks through $0.22, the expected increase is as high as $0.35-0.36, an increase of nearly 60%.
Downside Risk: A break below $0.16 could see the $0.10 support area tested.
The current structure shows that Dogecoin is not far from a big fluctuation, it just lacks the catalyst for the final push.
Positive catalysts: Musk + crypto market + social media popularity
DOGE has always been highly dependent on hot spot catalysis. Once Bitcoin and Ethereum strengthen, DOGE usually "takes off". Any word or emoticon from Musk may become a turning point in the market.
This time, "X platform opens trading function" itself is a huge positive. If DOGE payment is integrated or Dogecoin is displayed, the market imagination space will expand rapidly.
Summary: Entering the decisive battle zone, big moves are brewing amidst the shock
In the next few weeks, DOGE will fluctuate around the $0.16-0.22 range. The direction of the breakthrough is the key, and it is not advisable to act rashly before the direction is clear, but once the volume stabilizes at the key position, the market will rekindle the FOMO sentiment.
📌 Conclusion:
If you are a potential high chaser, please keep an eye on the $0.22 breakout point;
If you are a value holder, you may need to prepare for a tough battle.
This is the end of the article! If you are confused in the cryptocurrency circle, you might consider joining me in making plans and harvesting dealers!