After a significant correction, Dogecoin has finally awakened, experiencing a double-digit surge and hitting a high not seen in weeks.
The gap for this asset has narrowed to $0.4, but analysts continue to emphasize that $1 is a potential target during this bull market cycle.
Shortly after Donald Trump won the U.S. election in early November, DOGE's price began to skyrocket due to Elon Musk's upcoming key role in the new government, along with his rich history and support for the largest meme coin.
The asset surged three digits within weeks, peaking at nearly $0.5. However, it started losing momentum in December and fell sharply during the mid-month adjustment. In just a few days, Dogecoin dropped from $0.41 to $0.26.
After a significant drop, the stock reacted well, almost immediately rising to $0.35. However, the stock failed to climb further and has been hovering in a narrow range between $0.31 and $0.34 for weeks. However, the situation in the entire market has changed in the past few days. Due to whales accumulating a large amount of tokens during the adjustment and consolidation phase, the situation for DOGE has become particularly optimistic.
As a result, the value of the OG meme token quickly soared. Within just 24 hours, DOGE rose by 16%, breaking through the resistance level of $0.34, and is currently trading well above $0.39. On a weekly basis, it has risen by 25%, approaching $0.4.
Analysts took this opportunity to double the price prediction for the asset, but it has not yet reached this target. However, DOGE needs to more than double its current valuation to achieve such a high price target.
Nonetheless, tracking Dogecoin's performance in the coming weeks will be interesting, especially after Trump's inauguration on January 20 and Musk's DOGE department.
