Elon Musk and Vivek Ramaswamy will meet with Republicans in the House and Senate next week, House Speaker Mike Johnson revealed. The Department of Government Efficiency (DOGE) will propose major proposals to reform government regulations and agencies. Dogecoin price is poised to break above $1 and could see a further major rally.
Analysts Predict Dogecoin Will Surge to $2
Dogecoin surged as President-elect Trump and Elon Musk promised a major government transition and cryptocurrency-friendly regulations. The price of DOGE increased by 6% in the past 24 hours, with the current trading price at 0.42 dollars. The low and high in 24 hours are 0.400 dollars and 0.437 dollars, respectively. Furthermore, trading volume has increased by over 80% in the past 24 hours, indicating significant interest from traders.
In the derivatives market, the total open futures contracts for Dogecoin increased by 6% in 4 hours and 15% in 24 hours, according to data from Coinglass. 8.85 billion DOGE in open interest futures is currently valued at 3.80 billion dollars, signaling support for a subsequent bullish move.
Analyst Bluntz Capital predicts that Dogecoin's price will rise by 420% to 2.2 dollars. He added that 1 dollar will be reached soon as the DOGE/BTC pair chart heads towards a strong bullish phase.
Rekt Capital, one of the top analysts, stated that Dogecoin's price chart has formed a 'rising triangle' pattern on the daily chart. This indicates that the meme coin could enjoy another round of capital inflow.
He added that DOGE needs to close the week above 0.43 dollars to confirm the breakout to 1 dollar. Notably, DOGE has formed a 'golden cross' on the 4-hour chart, which could trigger a bullish surge to 2 dollars.
