Dogecoin makes a stunning debut on Japanese exchange Bitflyer. Can Dogecoin recreate the legend of rising tenfold?

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This news was published on February 27, 2024, Taiwan time
The title is: Dogecoin makes a stunning debut on Japanese exchange Bitflyer. Can Dogecoin reproduce the legend of rising tenfold?


Dogecoin (DOGE) has caused heated discussions in the cryptocurrency community recently, not only because it caused waves on Japan's largest trading platform Bitflyer on February 29, 2024, but also because many investors and analysts are looking forward to seeing it again Its amazing market performance. This listing not only enriches Bitflyer’s crypto asset lineup, but also gives Dogecoin investors greater expectations for future Web3 participation.


Looking back at January 2021, Dogecoin rose nearly tenfold in 24 hours, transforming from an Internet joke into a cryptocurrency phenomenon with a market value of billions of dollars, shaking the entire industry. As the Bitcoin halving event in April 2024 approaches, the cryptocurrency community is eagerly discussing whether we will witness Dogecoin’s spectacular bull run again.


In terms of technical analysis, Dogecoin’s price action appears to be exhibiting cyclical patterns from past bull markets, specifically exhibiting long periods of consolidation followed by a falling wedge pattern in certain periods, culminating in significant gains. From May 2021 to June 2022, Dogecoin once again formed a falling wedge and entered a consolidation period. If this pattern continues, April 2024 may usher in a new round of bull market.


Technical analyst Ali Martinez noted that Dogecoin’s price action is similar to past bull market patterns, suggesting a possible parabolic breakout around April. This prediction attracted widespread attention from the cryptocurrency community, with many people paying close attention to every move of Dogecoin, hoping to capture the opportunity of the next bull run. With the new listing of Bitflyer and the market’s strengthening outlook for the future, Dogecoin’s position in the crypto market seems to be increasingly solidified.


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


1. Bitflyer listing effect: Dogecoin was listed on Japan’s largest trading platform Bitflyer on February 29, 2024. This event not only increased the exposure of Dogecoin, but also brought more trading liquidity to it . Historically, when cryptocurrencies are listed on major exchanges, there has often been a positive price impact. For example, Coinbase listed Bitcoin in 2021, and then the price of Bitcoin hit a new high. Therefore, Bitflyer’s listing may have a similar positive impact on Dogecoin.


2. Technical analysis pattern: According to technical analyst Ali Martinez, the price trend of Dogecoin is similar to past bull market patterns, especially the long period of consolidation after the falling wedge pattern, which eventually achieved significant gains. This pattern caused Dogecoin to increase nearly tenfold in 24 hours in January 2021. If this pattern appears again, it indicates that Dogecoin may usher in a new bull market in April 2024.


3. Market sentiment and the Bitcoin halving event: As the Bitcoin halving event in April 2024 approaches, the popularity of the entire cryptocurrency market is rising. In the past, Bitcoin halving events have had a positive impact on the entire crypto market, driving up the prices of other cryptocurrencies. Dogecoin, as one of the larger cryptocurrencies by market capitalization, is likely to be positively affected by this incident.


In general, the listing of Dogecoin on Bitflyer, Japan's largest trading platform, not only improves its market exposure and increases trading liquidity, but also based on past performance and technical analysis predictions, Dogecoin has great potential in 2024 April ushered in another wave of price surges. This listing event, combined with the overall positive impact of the Bitcoin halving event on the crypto market, has strengthened the bullish confidence in Dogecoin. 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.