Analysts reveal that Dogecoin will usher in a doubling price if it breaks through this key point

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The news we are going to read today comes from U Today
This news was published on November 29, 2023, Taiwan time
The title is: Analysts reveal that Dogecoin will usher in a doubling of prices if it breaks through this key point

Cryptocurrency analyst Ali pointed out on social media that if Dogecoin (DOGE) can break through the key price resistance level of $0.087 in the near future, it is expected to directly double to $0.14. This prediction is based on the confluence of the 0.786 Fibonacci level and the 100- and 200-week exponential moving averages (EMA) at this price, forming a significant technical resistance level. At the same time, Dogecoin’s transaction volume hit a new high, surpassing Bitcoin and Ethereum, mainly due to a large number of small transactions. The USA Today report shows that the number of new Dogecoin wallets is growing, while the number of Bitcoin and ADA wallets are showing different trends. Currently, the price of DOGE has risen to $0.0811, up 5.41% in 24 hours, a growing trend that may stem from the increasing attention of financial institutions and large investors to Dogecoin.

In this news, we can analyze the price trend of Dogecoin from the following perspectives:

1. Key price points for technical analysis are: Analyst Ali noted that Dogecoin could double to $0.14 if it breaks above the $0.087 price resistance. This prediction is based on the confluence of the 0.786 Fibonacci level and the 100-week and 200-week exponential moving averages (EMA). Historically, when cryptocurrencies break through key technical levels like this, it often triggers rapid price increases. For example, in early 2021, Dogecoin experienced a similarly rapid growth, driven by social media and celebrities.

2. Growth in transaction volume: Reports pointed out that Dogecoin’s transaction volume hit a new high, even surpassing Bitcoin and Ethereum. This increase in trading volume is often an indicator of market activity and investor interest. If history is any guide, increased trading volume is often associated with rising prices. For example, in May 2021, Dogecoin reached its all-time high price amid a surge in trading volume.

3. Growth of new wallets: USA Today reports that the number of new Dogecoin wallets is growing. This indicates that new investors are entering the market, increasing the demand for Dogecoin. In the past, the addition of new players in the cryptocurrency market has often been associated with an upward trend in the overall market. For example, during the 2020 cryptocurrency bull run, the rise in new wallets was strongly correlated with price increases across multiple cryptocurrencies.

Overall, analyst Ali’s predictions provide several key insights into the future direction of Dogecoin price. First, technical analysis suggests that if Dogecoin can break through the important price barrier of $0.087, it could double in price to $0.14. Secondly, the significant growth in Dogecoin trading volume, especially the transaction volume surpassing that of Bitcoin and Ethereum, reflects the high level of market activity and interest in Dogecoin. Finally, the increase in the number of new Dogecoin wallets points to an influx of new investors into the market, which is typically associated with an upward price trend. Based on the above factors, this channel believes that this is the golden moment for long-term investors to accumulate chips and plan for the future. However, it must be emphasized that these views we share are not professional investment advice. They are only based on our observations and analysis. If you have any questions about our interpretation, we recommend that you refer to the source news link attached in the information column. For further verification, it is crucial for investors to do their own homework. Please remember to never invest in something you do not understand, never invest in a position that you cannot afford to lose, and make investment decisions carefully. . Of course, we will continue to pay close attention to the latest developments in Dogecoin.