DOGE

Technical Analysis

According to the DOGE coin data from the past 300 days, distinct upward and downward patterns are observed on the chart. The recent price has decreased near the 300-day high, indicating a strong resistance level. The 50-day moving average is creating a significant resistance line at the crossover point with the 200-day moving average. As a result, it remains uncertain whether the recent rebound will continue. Currently, the RSI (Relative Strength Index) is at 60, supporting the bullish trend. However, it is close to 70, indicating an overbought situation. Additionally, reviewing the MACD (Moving Average Convergence Divergence) shows that the MACD line is above the signal line, suggesting the potential for the bullish trend to continue.

In particular, the recent rise has occurred alongside an increase in trading volume. This may signal heightened interest among market participants, serving as an important indicator for confirming the continuity of the upward trend in the future. Furthermore, the formation of a ‘triangle pattern’ on the daily chart indicates that significant volatility may occur if the price breaks out of a defined range. If it breaks upward, the next resistance level is at $240, while a downward move could see it drop below $200.

External Factors Analysis

Recently, the cryptocurrency market, including DOGE coin, has been significantly influenced by various external factors. In particular, trends in the global financial market related to Bitcoin’s volatility are acting as a major cause. The price of Bitcoin has a substantial impact on DOGE coin, and with Bitcoin recently surpassing $60,000, it has strengthened investor sentiment. Additionally, news of large corporations expanding their investments in cryptocurrencies is also a factor boosting market sentiment.

Moreover, various projects and exchange listings utilizing DOGE coin are renewing investor interest, positively impacting our trading decisions. In particular, social media issues such as support from Elon Musk are further increasing DOGE’s volatility, which warrants attention. Future policy changes and regulatory matters over the next three months could also be factors leading to significant growth for this coin. Therefore, investors need to closely analyze the price movements and market opinions to respond appropriately.