Dogecoin is the biggest gainer in the cryptocurrency market after seeing a 6.47% boost in price over the last day. Its trading volume has also risen by 21.03%, indicating moderate growth in market activity.
This rally comes as crypto analyst Satoshi Flipper shared a bold prediction for DOGE on X (formerly Twitter). According to Flipper, a Trump victory in the next U.S. presidential election could propel Dogecoin to the $1 mark, driven by social media momentum and potential political support.
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Show more +Show less – Dogecoin Technical Analysis: Breakout Signals Bullish Momentum
Dogecoin has a bullish prognosis, according to Satoshi Flipper’s chart. A possible change in momentum is indicated by the big descending triangle pattern that recently broke out to the upside.
This breakout suggests increased buying interest, supported by historical patterns where similar consolidations led to upward price movements. Key support is identified around $0.05, a level that has repeatedly acted as a floor during previous corrections, helping DOGE’s price to stabilize and build momentum.
The next major resistance level is near the $1 mark, highlighted by a bold black line on the chart. This level serves as both a psychological barrier and a key target, as DOGE has yet to reach this price in past bull runs, with its previous peak being around $0.70 in 2021.
#DOGECOIN/usdt WEEKLY$DOGE hodlers are going to be so happy when Musk & the US government post about the Department of Government Efficiency ( D.O.G.E ) NON-STOP for the next 4 years If Trumps wins, $DOGE —> $1 pic.twitter.com/csowJCIOGA
— Satoshi Flipper (@SatoshiFlipper) November 4, 2024
Dotted Path to $1: A Long-Term Bullish Projection
The chart’s dotted arrow path envisions a steady climb for Dogecoin, projecting a potential route to $1 if the bullish trend persists. The path outlines an optimistic scenario, with the trendline hinting at gradual price appreciation over time.
However, a red “X” marker placed over a recent peak signals a cautionary note, as DOGE’s price encountered resistance at this level previously, suggesting that traders should watch for possible retracements along the way.
Currently, Heikin Ashi candles on the weekly chart show green, reflecting sustained upward momentum and a generally positive trend for Dogecoin. This trend aligns with the accumulation phases observed in the chart, indicating strong buyer interest.
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Moreover, Satoshi Flipper’s tweet introduces a speculative angle, linking Dogecoin’s future price potential to political and social media dynamics. Flipper posits that if Trump wins the next U.S. election, Dogecoin could soar to $1, with the playful suggestion that “D.O.G.E.” (Department of Government Efficiency) might gain increased attention.
This implies a scenario where social media and potential government alignment could amplify interest in Dogecoin, especially if Elon Musk, a known supporter, continues to influence the narrative around DOGE.
The tweet’s speculation highlights the role of external factors in DOGE’s price trajectory, adding a layer of sentiment-driven impact that could sway investors’ confidence in the token.
Caution Amid Optimism: External Factors and Market Risks
While the chart and tweet paint a bullish picture for Dogecoin, reliance on speculative factors like political outcomes and social media support introduces inherent risks. Investors should consider the unpredictable nature of these influences and approach DOGE’s long-term price target with caution. Although the chart suggests potential for upward movement, traders may need to monitor key resistance levels closely to manage downside risk.
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