Recently, the market for Dogecoin (#DOGE ) has made many friends' hearts race💓. This week, DOGE faced a significant correction, dropping by 22%! According to data from CoinGecko, it has fallen nearly 70% from its historical high of $0.73📉.
It looks a bit scary, but don't panic; analysts remain confident about Dogecoin's future✨.
🚀 Dogecoin is expected to rise significantly in the future
Why do people still have such high hopes for DOGE? There are two key reasons:
1️⃣ The altcoin season is here. Analysts believe that this last quarter of the year is likely to welcome the altcoin season, which means that popular coins, including DOGE, may experience an influx of funds💰.
2️⃣ The key support level has stabilized, and Bitcoinsensus analysts boldly predict on X (formerly Twitter) that Dogecoin is on the verge of an upward breakout📈.
They pointed out that the upward trend line support on the weekly chart of DOGE still exists, similar to the pattern of a 300%-500% price increase from September to November last year.
This means that even if DOGE temporarily retraces below 0.20 USD, there is still a chance to recover its upward momentum at any time💪. They particularly emphasized the key support level of 0.14 USD; as long as it holds, a quick rebound is imminent⚡.
Even more exciting is that Bitcoinsensus's predicted target price is as high as 1.30 USD! If realized, it means bullish investors could achieve an extraordinary increase of 800%🔥.
💹 The economic environment is also helping
Not only technical aspects and market sentiment, but macroeconomic data is also 'backing it up'.
The Motley Fool report shows that as of the week of September 20, weekly unemployment claims in the U.S. dropped to 218,000, lower than expected, indicating resilience in the labor market💼.
The U.S. Department of Commerce raised its GDP growth forecast for the second quarter to 3.8%, with strong consumer spending📊, marking the best quarterly performance in over two years.
These indicators suggest that market liquidity is abundant, and investors may shift from traditional assets (like Nasdaq, S&P 500) to high-risk assets including DOGE⚡. The influx of funds could lead to a new round of altcoin frenzy🔥.
🛑 Key resistance and support faced by DOGE
To truly take off, DOGE needs to break through several key resistance levels:
Resistance levels: 0.27 USD, 0.28 USD
Support levels: 0.21 USD, 0.19 USD, 0.16 USD (historical bounce points)
Currently, the DOGE price is fluctuating around 0.222 USD📉. If it breaks through the upper resistance, it is expected to reach 0.30 USD, and even close to the analyst's predicted target of 1.30 USD🚀.
If the market pulls back, the key psychological support of 0.14 USD will become a lifeline; as long as it holds, the opportunity for the next rise still exists💪.
🔑 Summary
Dogecoin retraced 22% this week, but the long-term trend remains bullish📈
Altcoin season, upward trend line support, and key support levels mean that DOGE could rebound at any time⚡
Favorable macroeconomic data may lead to an influx of funds into risk assets💰
Investors should pay attention to resistance and support levels, key points: 0.14 USD, 0.21 USD, 0.27-0.28 USD⚠️
Overall, DOGE still has the potential for an 800% increase🔥, but short-term volatility should not be underestimated. Friends, remember to control your positions when trading, and don’t be scared by temporary fluctuations💡.#狗狗币ETF进展