🔥 Land A High Paying Web3 Job In 90 Days LEARN MORE
Home » News » Cryptocurrency » Dogecoin News, Trends & Analysis » Why is Dogecoin’s price up today? $0.5 in sight?
DOGETesla
Why is Dogecoin’s price up today? $0.5 in sight?
By Florence Muchai
Updated: January 4 2025 1:50 PM UTC
2 mins read
Contents
1. Analysts discuss the probability of Dogecoin hitting $0.5
2. Will Dogecoin profit from Elon Musk’s new payments system?
Share link:
In this post:
Dogecoin has experienced a remarkable increase of almost 15% in 24 hours.
DOGE saw massive purchases of 1.08 billion by crypto whales.
Analysts suggest that the momentum could drive Dogecoin up to the $0.50 mark.
Dogecoin is the latest member of the exciting 2025 bull rally. The memecoin has experienced a remarkable increase of almost 15% within the past 24 hours. The recent surge can be attributed to significant whale activity and an increase in trading volume over the last 24 hours.
Dogecoin was acquired by crypto whales in a massive purchase of 1.08 billion DOGE. Additionally, the memecoin’s trading volume has seen a significant jump of 190%. The massive uptick in activity could be a signal of growing confidence in the token.
Also, recent developments have intensified discussions surrounding Dogecoin, particularly its alleged ties to Trump’s inauguration. Speculation has grown that Elon Musk’s endorsement of both Dogecoin and Trump could be a driving force behind the recent price surge.
Notably, the crypto analyst Surf DOGE’s 3-month Supertrend indicator has turned bullish. The last time this indicator turned green was in April 2017. It led to massive gains of 5,587% by January 2018 and another 3,837% surge to $0.7390 in May 2021. If history repeats, Dogecoin could see another major rally.
Analysts discuss the probability of Dogecoin hitting $0.5
Dogecoin has once again shown its capacity to make swift upward movements. Its most recent activity could even be the beginning of something more significant. Analysts are currently speculating whether Dogecoin could regain its former prominence and achieve new heights.
Some technical analysis have highlighted that Dogecoin is currently exhibiting a clear impulsive trend. This change in market dynamics follows DOGE’s recent surge past key demand thresholds.
The “robust buying enthusiasm signal” could mean that the momentum has the potential to drive Dogecoin up to the $0.50 threshold, which is a crucial psychological and technical benchmark.
However, for this scenario to occur, Dogecoin needs to break through the resistance at the local highs. Surpassing these resistance levels could set the stage for a significant rally, possibly reflecting its most powerful movements from earlier market cycles.
Notably, since Trump’s inauguration is only two weeks away, it is highly anticipated that DOGE will be impacted by the new administration. Therefore, achieving this will necessitate ongoing backing from the wider market and persistent engagement from its committed community.
Finally, if the bullish trajectory persists, DOGE has the potential to once again lead the altcoin space. It would be reminiscent of the original memecoin’s capacity to astonish even the most experienced traders. Meanwhile, DOGE price is trading around $0.389, reflecting a rise of 11.51% in 24 hours and 23% over the past week.