Bullish market sentiment following Donald Trump’s victory in the U.S. presidential election has driven Dogecoin’s price steadily higher with the goal of surpassing the $0.4 resistance level. A cryptocurrency analyst at Trading View discussed several factors that could drive Dogecoin’s price further higher, potentially reaching the $1 mark in a bull run.
Key drivers of Dogecoin’s price rise to $1
A recent article on TradingView discusses the possibility that Dogecoin price could soon reach the coveted $1 milestone. The report presents compelling factors suggesting that Dogecoin price could surge to $1 under the influence of SpaceX and Tesla CEO Elon Musk.
More specifically, TradingView revealed that Musk’s unwavering support and love for Dogecoin could steadily increase the meme coin’s market cap to $130 billion, equivalent to a $1 price increase. In addition, Dogecoin’s growing popularity in the financial sector will also catalyze potential price increases.
Currently, Dogecoin is one of the most watched meme coins in the market as the cryptocurrency has been one of the biggest gainers in this bull run. As more users and investors flock to the Dogecoin ecosystem, demand and adoption are expected to rise and could trigger a significant price increase.
According to CoinMarketCap, the price of Dogecoin has increased by a staggering 250% in just one month. This massive price surge has seen the meme coin’s price jump from around $0.2 to a new high of around $0.4. The TradingView report states that many analysts expect the price of Dogecoin to reach $1 in the near future.
Notably, Jeremy, a well-known cryptocurrency analyst, told his 180,300 followers on X (formerly Twitter) that Dogecoin’s price will rise to $1, fueled by Musk’s support and the meme coin’s integration into the U.S. economy. Other X cryptocurrency analysts, like “Bark,” predict that Dogecoin’s price will rise even higher, believing it could rise to $10.
DOGE outperforms Bitcoin
TradingView also revealed in its report that Dogecoin’s price is currently 150% higher than Bitcoin. As mentioned earlier, Dogecoin has been going parabolic recently, rising 110% in just one week and still accumulating gains as of the time of writing. TradingView’s report revealed that Dogecoin’s price rose 180% after Trump won the U.S. presidential election.
This massive price surge outpaced Bitcoin, which grew by only 30% during the same period. While Bitcoin’s price is significantly higher than DOGE and has managed to hit new highs, DOGE, with its lower price (around $0.4), is seen as a more accessible and profitable option for small investors.
Despite Dogecoin’s apparent price gain, TradingView analysts warn against jumping in too quickly. They warn that prices could still fall and that low prices can be deceptive.
