Dogecoin Price Knocks Off Second Major Correction, When Will The Recovery To $1 Resume?
Dogecoin began to re -get motivation After a sharp decline In the early morning of January 3, this move brought many traders to liquidate Who bet Continue to rise. This decline Not only another callback, Because it marks the price decline of the most important dog in six months.
As the technical analyst KEVIN (@Kev_capital_ta) pointed out, Dogecoin has just completed the second major correction in the Niu Zhou. It is worth noting that the next step is to take $ 1 to Dogecoin. However, due to the widespread market emotions continued to shape the trajectory of Dogecoin, whether this recovery will largely depends on the next step of Bitcoin.
Dogecoin has completed the second major correction, echoing the past bull cycle
As mentioned earlier The recent decline of encrypted analyst Kevin is the second major callback of this cycle. In addition, the recent callback is very similar to the correction that I saw in the previous cycle before the dog coin Event Reached the highest level of history.
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The recent decline caused Dogecoin to reach the bottom of $ 0.2237 yesterday, and 32 % of the previous time decreased from 0.329 US dollars 24 hours ago. Interestingly, this drop means that Dogecoin corrected about 58 % from $ 0.49 in December 2024. As the analyst pointed out, it seemed like a similar competition in early 2021. At that time, Dogecoin fell about 56.8 % in its rise and moving.
These two instances are the second major calls in their respective cycles. It may have set the stage For the next leg, Dogecoin eventually exceeded $ 1.
Doge Rally Rally is about $ 1? The impact of Bitcoin is the key
The road of Dogecoin’s approach to $ 1 is still intact, but the next surging timing depends on several factors and destroy multiple resistance levels. One of the most significant factor is the dominant position of Bitcoin in the cryptocurrency market.
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As Kevin pointed out, the ability of dogs to restore upward trends depends to a large extent on the performance of Bitcoin. A wider range of cryptocurrency markets often follow the leading advantage of Bitcoin. If it maintains a bullish momentum, the cause coin may soon follow. On the other hand, the fall or continuous merger of Bitcoin prices may lead to similar dog coins. As the Bitcoin rest is prominent Yesterday was less than $ 93,000.
When writing this article, the transaction price of the DOGE was $ 0.2593, and it began to steadily promote it steadily after the bouncing $ 0.223. The key area of ​​the Bull’s recovery is $ 0.33, which has been strong resistance since January. Breaking this level may increase the driving force for bullishness, and it is possible to set the DogCoin to climb stable to $ 0.4, and then $ 0.5. The same is true of bitcoin Need to register A significant rest of more than $ 100,000.
Charts from adobe stock, characteristic images, tradingView.com
