Dogecoin price rally appears unstoppable as the increased market momentum pushes the meme coin toward the $1 mark as the next significant target. The meme coin jumped in price rafter Trump won the November 2024 U.S election, potentially igniting the next phase of the DOGE price rally.
DOGE price increased by 19.3% in the last 24 hours and is trading at $0.2006. This is the highest price Dogecoin has touched since April 2024. The price increase comes amid BTC surging above the previous all-time high and hitting $75,000. The crypto market, including DOGE, followed suit, with Solana (SOL), Shiba Inu (SHIB), and Sui (SUI) registering double-digit gains.
Dogecoin Price “Looks Unstoppable” With D.O.G.E
Crypto analyst Erica Hazel has said dogecoin looks unstoppable after the asset blew past the $0.17 resistance. Other analysts argue that DOGE would be a bigger narrative than Artificial Intelligence (AI), especially if the Department of Government Efficiency (D.O.G.E) is formed following a Trump win.
“Every major news network will be covering D.O.G.E., “crypto analyst Tommy Moustache said on X.
D.O.G.E. Would be a bigger narrative than AI and other sectors if Trump wins. Every major news network will be covering D.O.G.E.
If Trump wins and more celebrities start joining the D.O.G.E. Team and tweeting about it, this movement might snowball into a national phenomenon… pic.twitter.com/hggcJjj0BM
— Tommy Mustache
(@MustacheTommy) November 5, 2024
Master Kenobi, a Dogecoin enthusiast and Crypto analyst, said DOGE “sits in a sweet spot of risk-reward” because it has enjoyed excellent visibility from a high rank on Coingecko and boasts of a strong brand deeply rooted in the crypto ecosystem for over 10 years now.
Data from Coinglass Liquidation Map shows traders are majorly bullish on DOGE price with over $140 million in Longs compared to $74 million in Shorts. This bullish sentiment also reflects on the weekly and monthly timeframes, suggesting that Dogecoin price is likely to rise in the foreseeable future.
DOGE Price Analysis: All Eyes on $1
Dogecoin price shows signs of an upward reversal after a prolonged period of consolidation. The price has formed a large rounding bottom pattern from mid-2022 through 2024, a bullish reversal pattern indicating a potential for upward momentum on breakout confirmation.
Based on this pattern, DOGE could target the heights of the previous peaks (around $0.36 initially), with targets as high as $0.74 and beyond if momentum sustains.
The price recently approached and briefly broke above the $0.20 resistance level. This area has acted as a significant ceiling in the past and is a critical breakout point for further upside.
If price breaks $0.20 with volume and holds above it, the next target would be around $0.32, with potential long-term targets at $0.74 and $1.08 based on Fibonacci projections.
Dogecoin price forecast shows a current support of nearly $0.16. A drop below this level could indicate a potential bearish shift. However, a close below $0.085 would turn DOGE bearish, invalidating the current bullish thesis.
The post Can Dogecoin Price Reach $1 As Elon Musk’s D.O.G.E Reality Draws Near? appeared first on CoinGape.
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