Dogecoin 'Anchor' support has arrived, is the opportunity to break the $1 barrier coming?

Dogecoin (DOGE) prices have performed strongly this year after breaking through the upper part of a short-term symmetrical triangle pattern. Ultimately, Dogecoin's price slightly exceeded $0.33, encountering resistance at the $0.34 level corresponding to the 21-day moving average (21DMA).

There is stronger short-term resistance in the range of $0.34 to $0.38. This resistance comes from the low points in mid-December and the 50-day moving average (50DMA).

However, Dogecoin seems to have successfully broken free from the short-term downward confinement, and the risk of its price rising continues to increase, with a surge imminent. The support level at $0.26 is quite solid, representing the bottom of the local Dogecoin price. There is hope for Dogecoin's price to develop above $0.34, but it may still be too early to say that it will rise above $0.34, as the resistance between $0.34 and $0.38 still needs to be overcome.

However, as January 20 approaches, the inauguration day of U.S. President Trump, the possibility of a dramatic increase in Dogecoin's price is continuously growing.

Imagine if Dogecoin reaches a price of $1, its market capitalization would be about $144 billion. This is not an unrealistic fantasy, as by the end of 2024, the overall market cap of meme coins has reached $120 billion, and Bitcoin's market cap is expected to exceed $3 trillion in 2025.

Dogecoin investors should take a longer-term view, not just expect to gain 3 times from the current price, as aiming for 10 times returns and pushing the price above $3 is not impossible.