Dogecoin (DOGE) price is starting the year strong after breaking out of a short-term symmetrical triangle pattern to the north.
At just over $0.33, Dogecoin is facing resistance from its 21DMA at $0.34.
The mid-December lows and the 50DMA provide stronger near-term resistance between $0.34 and $0.38.
Dogecoin may have emerged from a short-term slump, increasing the risks of a price rally.
BALO believes that “rock solid” support around $0.26 was the local low for Dogecoin’s price and that things are “only up” above $0.34.
Calling for “only up” above $0.34 may be premature as resistance levels of $0.34-38 must also be broken. US President Trump’s inauguration on January 20 raises the potential for a spectacular price rally.
enters a new era on January 20 with Trump. Not so much due to the US’s predicted 180-degree turn toward pro-crypto regulation.
This is positive for Dogecoin as it boosts Bitcoin and altcoin prices and increases the chance of a new meme coin season. The Department of Government Efficiency, a new government institution, will be more important for Dogecoin investors.
The Elon Musk-led agency is likely to dominate Capitol Hill and the news by 2025. This all but guarantees that Dogecoin, the agency's mascot, would dominate the meme coin "mind share" market.
With Bitcoin and alt markets expected to soar aggressively in 2025, Dogecoin will likely do well as well. With a new alt/meme season, Dogecoin could revisit its 2021 highs in the $0.70 range. 1 is also likely.
Consider that Dogecoin's market valuation would be $144 billion to $1. This is possible provided the meme coin's market cap hits $120 billion by the end of 2024 and Bitcoin could hit $3 trillion or more by 2025. Dogecoin investors should think big.
Instead of 3x gains from current levels, 10x gains to over $3 are possible.
#Dogecoin #ElonMusk. #BtcNewHolder
