Dogecoin's (DOGE) price recently reached $0.4289 before dipping to $0.3619. With Trump’s pro-crypto policies and strong investor demand, DOGE is setting its sights on the $1 mark.
After hitting a daily high of $0.4289, Dogecoin's price fell to $0.3619, yet it still gained 7.1% over the past 24 hours and is currently trading at $0.4044. Price volatility spiked after Bitcoin surged above $93,000 during New York’s trading session on November 13. The path to $1 is clear, but the question remains: what will happen once Dogecoin reaches this milestone?
What’s Driving Dogecoin’s Price Surge?
DOGE’s price is currently targeting $1 as its new all-time high, possibly as early as November. The meme coin has increased by 130% over the past two weeks, so an additional 150% doesn’t seem out of reach.
This recent price increase was initially fueled by Donald Trump’s victory in the election. The newly elected president plans to create a pro-crypto cabinet and implement crypto-friendly regulations, bringing optimism among investors.
Furthermore, the establishment of the Department of Government Efficiency (DOGE), led by Elon Musk and Vivek Ramaswamy, has driven up DOGE’s price as investors speculate humorously about the meme coin potentially replacing the U.S. dollar.
Another factor motivating investors is the possibility of DOGE becoming an official payment method for X Payments, which could significantly boost its price.
Increasing Volatility as a Catalyst for the Rally
Dogecoin’s price surge has been accompanied by high volatility, which could push the price even higher.
Data from Santiment shows that DOGE’s trading volume has surged, reaching levels close to the peak of the 2021 bull market. Social dominance, however, remains low despite high volumes, indicating that retail investors have yet to fully join the rally. DOGE’s price, therefore, still has room to grow.
Additionally, the supply of DOGE in profit recently reached 2021 levels, though the price has yet to return to its previous all-time high. This encourages investors to hold their positions until DOGE surpasses its former high and the psychological resistance level of $1. This holding trend creates scarcity in the market, which could drive DOGE’s price higher as long as demand remains strong.
Dogecoin Price Predictions
Dogecoin price predictions suggest the meme coin still has room to move upward. There is minor resistance around the current price of $0.40, which has been surpassed in the past. The monthly candle for DOGE shows some rejection at this level, but there is still time until the end of the month to push towards $0.76.
Above $0.4, there is little resistance until the psychological price level of $1. Fibonacci retracement indicates further resistance around $1.22 to $1.25. After breaking through this level, DOGE could reach up to $1.97 and potentially even $6.39.
Dogecoin appears ready to begin the next phase of its rally, which could push it past its previous all-time high. While volatility is high, trading volume has dipped slightly due to profit-taking. However, a new wave of buying could propel DOGE’s price above $1 and possibly up to $5.
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