Dogecoin Price Hits ‘Rock Solid’ Support – $1 Surge Incoming?
Dogecoin is starting 2025 on the front foot. Here's why a surge to $1 could come sooner than some think.
The Dogecoin (DOGE) price is starting out the year on the front foot after breaking to the north of a short-term symmetrical triangle pattern, X user Trader Tardigrade said in a recent post.
Last just above $0.33, the Dogecoin price is running into resistance in the form of its 21DMA at $0.34.
Between $0.34 and $0.38, there is more formidable short-term resistance levels in the form of mid-December lows and the 50DMA.
However, with Dogecoin also seemingly having broken out of a short-term downtrend, per analysis by X user BALO, upside price risks are growing.
BALO is very confident that “rock solid” support at $0.26 was the local Dogecoin price low, and that things are “up only” above $0.34.
Calling for “up only” above $0.34 might be a little premature, as the aforementioned resistance levels between $0.34-38 also need to be broken.
However, as US President Trump’s January 20 inauguration nears, the likelihood of explosive price upside is growing.
When Trump takes on January 20th, a new era begins for Dogecoin. That’s not so much due to the upcoming 180 pivot towards pro-crypto regulatory policy in the USA.
Yes, that’s also good for Dogecoin as its great for the Bitcoin and altcoin market outlook, lifting the likelihood that a new meme coin season emerges.
Rather, Dogecoin investors will be much more focused on the about-to-be-established new federal agency called the Department of Government Efficiency (D.O.G.E.).
The Elon Musk-led agency is expected to hold significant sway on Capitol Hill and is almost guaranteed to dominate the headlines in 2025.
That all but guarantees that Dogecoin, which the agency uses as its mascot, is set to retain a commanding share of meme coin market “mind share”.
If Bitcoin and alt markets rally hard in 2025, as many expect is likely, Dogecoin is all but guaranteed to perform well too.
The return of a new alt/meme season suggests that the Dogecoin price would be highly likely to retest its 2021 record highs in the $0.70s.
A rally up to $1 is also very likely. Think about it – a price of $1 would mean a Dogecoin market cap of roughly $144 billion.
That is not at all unthinkable given the overall meme coin market cap already reached up to $120 billion in late 2024, and that Bitcoin could reach a market cap of $3 trillion or more in 2025.
Dogecoin investors better start thinking bigger. Rather than just hoping for 3x gains from current levels, 10x gains to a price above $3 could be on the cards.