In the world of cryptocurrency, Dogecoin's recent performance has attracted a lot of attention. Its market capitalization has suddenly surpassed 30 billion, a figure that has amazed many investors and industry insiders.
With Tesla's strong opening and upward trend yesterday, Dogecoin has also firmly established its footing.
The market news is that leftists like Soros are shorting Tesla stock, and Tesla's headquarters was almost raided, causing Dogecoin's funding chain to urgently withdraw to save the headquarters. Without financial support, the price has fallen sharply. Dogecoin's rise still depends on stabilizing Tesla's stock; one must first ensure internal stability before addressing external challenges!
Dogecoin is essentially the largest meme coin, and Musk claiming that 'meme coins have no value' actually tells you they have no value after having already dropped significantly by more than 60%. It's understandable that the news spread by the manipulators caught you off guard; whether you believe it or not, you still got caught, which involves a person's ability to discern the truth of things.
A certain Dogecoin whale accumulated 1.7 billion DOGE ($298 million) within 72 hours, signaling bullish sentiment before a potential approval of the Dogecoin ETF.
Historically, extreme fear has laid the foundation for significant reversals, which may present an excellent opportunity for contrarian investing. Currently, Dogecoin is forming a 5-wave rising expanding wedge and is close to a breakout on the 4-hour chart. The analyst added that after confirming the bullish divergence in the RSI, Dogecoin rebounded to the descending line of the wedge, indicating that a reversal may be imminent.
At the time of writing, the DOGE price is approximately $0.16, having risen over 2% in the past 24 hours.
