Dogecoin Price ‘Looks Unstoppable,’ Eyes $0.36 As Next Target

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As a seasoned crypto investor with over a decade of experience under my belt, I must admit that the recent surge in Dogecoin (DOGE) price has caught my attention. The meme coin’s rally to $0.2036, its highest since April 2024, following Trump’s victory in the November 2024 U.S election, is nothing short of remarkable.

The surge in Dogecoin‘s price seems relentless, as market forces propel it towards the $0.36 milestone, marking a potential significant hurdle. This digital coin saw an increase in value post-Trump’s victory in the November 2024 U.S election, sparking widespread enthusiasm. One analyst even commented that Dogecoin seems unyielding in its upward trend.

In the past day, the value of DOGE has climbed by a notable 24%, currently standing at $0.2036. This marks the highest Dogecoin has been since April 2024. The price hike coincides with Bitcoin breaking its old record and soaring to $75,000.

Dogecoin Price ‘Looks Unstoppable,’ Eyes $0.36 As Next Target

In response, the cryptocurrency market, which includes Dogecoin (DOGE), experienced a surge similar to other coins such as Solana (SOL), Shiba Inu (SHIB), and Sui (SUI). Each of these saw a significant increase of over 10%.

Dogecoin Price ‘Looks Unstoppable’

crypto expert Erica Hazel believes dogecoin’s momentum is unstoppable, having surpassed the $0.17 resistance level. Other analysts speculate that dogecoin could overshadow Artificial Intelligence (AI) as a significant trend, potentially if a Department of Government Efficiency (D.O.G.E) is established following a Trump presidency.

“Every major news network will be covering D.O.G.E., “crypto analyst Tommy Moustache said on X.

As a researcher, I find myself pondering on an intriguing scenario: If Trump were to win the next election, the narrative surrounding Digital Currency (specifically Dogecoin) could overshadow that of AI and other sectors. Given his past interest in cryptocurrencies, it’s plausible that every major news network would be covering D.O.G.E. extensively.

Should Trump secure victory and additional celebrities hop on board with the D.O.G.E. Team, sharing their thoughts via Twitter, there’s a strong possibility that this movement could gain massive traction across the nation, potentially becoming a widespread cultural event.

— Tommy Mustache (@MustacheTommy) November 5, 2024

Mentioning Master Kenobi’s perspective, a Dogecoin fanatic and Crypto expert, he stated that DOGE finds itself in an appealing balance between risk and reward due to its prominent position on Coingecko and a robust brand identity with deep connections within the crypto market for more than a decade.

According to Coinglass Liquidation Map’s data, traders are predominantly optimistic about Dogecoin’s price as they hold more than $140 million in Long positions compared to approximately $74 million in Short positions. This positive outlook is also evident on the weekly and monthly timeframes, indicating that Dogecoin’s price may increase in the near future.

Dogecoin Price ‘Looks Unstoppable,’ Eyes $0.36 As Next Target

DOGE Price Analysis: All Eyes on $0.36

After a long spell of stability, it seems Dogecoin’s price could be on the verge of an upturn. This shift has been hinted by a substantial basing bottom formation that began in mid-2022 and continued through 2024. This pattern, known as a bullish reversal, suggests a possible surge if the breakout is authenticated, indicating a potential for increased prices.

According to this trend, it’s possible that DOGE could reach the levels of its past peaks (approximately $0.36 initially). If the positive momentum continues, potential targets could go even higher, reaching up to $0.74 and potentially beyond.

Just now, the price almost reached and momentarily surpassed the previous $0.20 barrier. Historically, this region has served as a notable cap, making it an essential milestone for potential upward momentum.

Dogecoin Price ‘Looks Unstoppable,’ Eyes $0.36 As Next Target

If it’s clear that $0.20 resists breaking further, this level could serve as a strong support. Under such circumstances, the price might head towards approximately $0.32 in the near term. Longer-term targets could potentially reach $0.74 and $1.08, based on Fibonacci analysis.

The projected cost of Dogecoin is approximately $0.16 at present, serving as a crucial support level. A fall beneath this point might suggest a possible change towards a downtrend. Nevertheless, if the price dips below $0.085, it would reverse the current optimistic outlook on Dogecoin, effectively nullifying its bullish prediction.

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2024-11-06 10:34