Musk, Trump assists! DOGE is expected to pump 20 times again, but be careful of "this risk"

With the vote counting of the US presidential election, BTC hit a new high of $76,400; and the collaboration between Elon Musk and Donald Trump also triggered the bullish sentiment of DOGE (Dogecoin, $DOGE), leading to a single-day fluctuation of 29.79%, reaching as high as $0.21936, close to the March high of $0.22888 this year.

DOGE could potentially rise 20 times more?

Analyst Ali_charts said in yesterday's tweet that $DOGE is testing the $0.19 price resistance at 50% of the Fibonacci retracement line. In the previous Fibonacci retracement line, $DOGE once the 50% resistance level, tends to rebound to the higher Fibonacci extension level (more than 100%); Therefore, ali believes that if DOGE succeeds in breaking above $0.19, it may rise further to the 161.8% and 227.2% expansion levels of Fibonacci, with targets of $4 and $23, respectively.

Source: X/@ali_charts DOGE Fibonacci retracement level

The key resistance and support of DOGE

According to the analysis by the foreign media "Coinidol", the recent key resistance levels for DOGE are at $0.22 and $0.24; while the key support levels are at $0.14 and $0.12. If the price rises above the 50-day and 20-day MA, there will be a chance to continue rising and break through $0.22; otherwise, if the price falls below the MA, it may trigger dumping and continue to fall to $0.14.

"Coinidol" believes that DOGE may oscillate temporarily between $0.18 and $0.21, and once bullish traders clear the selling pressure near $0.21, DOGE will start to Rebound.

Image source: "Coinidol" DOGE key price level

Investors take profit

"Finbold" pointed out that with the continuous rise in the price of DOGE, a large number of holders may have entered the profit zone, and this trend is also reflected in the two indicators on the data website Santiment, "Total Supply in Profit" and "Percent of Total Supply in Profit".

Image source: Santiment DOGE profit range

The chart shows that the current profit percentage of DOGE has reached 94%, which means that many holders are in a profitable state. Investors who choose to take profits may induce potential selling pressure, leading to a short-term pullback in coin price. Conversely, under the premise of being in the profitable range, if the price remains stable or even rises gradually, it may indicate firm buying interest from investors, potentially pushing the short-term price to the next resistance level.

【Disclaimer】There are risks in the market, and investment needs to be cautious. This article does not constitute investment advice. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific circumstances. The responsibility for investment is at one's own risk.