On December 7, 2024, Dogecoin (DOGE) surged ahead with unstoppable momentum! Whether on the 1-hour chart, 4-hour chart, or daily chart, the technical data consistently pointed towards an overwhelming bullish trend, as if a relentless bull market journey had begun. Furthermore, the posts shared by Elon Musk on the X platform, closely linked to DOGE, acted like a raging fire, igniting the already heated market atmosphere to a boiling point, infinitely stimulating investors' interest, who eagerly joined this wave of Dogecoin wealth celebration!
Focusing on the 4-hour chart, since December 3, it has taken solid steps of "higher highs and higher lows" amidst the peaks and valleys of prices, successfully reinforcing its remarkable mid-term bullish trend. The area around $0.42 seems like a solid fortress, with support continuously strengthening, while the range from $0.46 to $0.47 presents a resistance level yet to be breached.
The oscillators show a mixed outlook, with the Relative Strength Index (RSI) at 68.2 and the Stochastic Index at 67.4, both indicating neutrality. The momentum indicators send optimistic signals, while the Moving Average Convergence Divergence (MACD) levels reflect a selling tendency. On the other hand, the Moving Averages (MA) are undoubtedly bullish, with exponential moving averages (EMA) and simple moving averages (SMA) across the 10, 20, 50, and 200-period ranges sending buy signals, reinforcing bullish sentiment.
If it loses the critical support line at $0.42 or retreats at $0.48 with sell volumes flooding in, Dogecoin may find itself deep in a downward mire, teetering towards lower support areas, in a precarious situation.
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