What’s Next for DOGE After Dogecoin Price Hits $1 This Month?

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As a seasoned researcher with over two decades of experience in the financial markets, I’ve seen my fair share of market volatility and price surges. However, the current Dogecoin (DOGE) rally is something truly extraordinary. The DOGE price targeting $1 as a new all-time high is an exciting prospect, especially considering it has risen 130% in just two weeks.

Following a peak of $0.4289 per coin, the price of Dogecoin dipped to $0.3619 before experiencing an 8.3% increase over the past 24 hours, now trading at $0.3928. The price fluctuations became more pronounced when Bitcoin surpassed $93,000 during the November 13 New York trading session, causing uncertainty about what may happen next as Dogecoin approaches a potential $1 value this month.

What’s Behind the Current Dogecoin Price Surge?

The Dogecoin value is aiming for a record-breaking $1, possibly in November. Given its recent surge by 130% over the past fortnight, an additional increase of about 150% seems quite achievable.

The surge in Dogecoin’s price at present can be traced back to Donald Trump’s victory in the presidential election. Yet, as the incoming president, he has been working towards building a government that is supportive of cryptocurrencies and implementing favorable regulations. This positive shift has instilled optimism among crypto investors about the potential future of their investments.

— Donald J. Trump (@realDonaldTrump) November 13, 2024

For the past month, an ongoing positive outlook regarding the future of blockchain technology has fueled its continued upward trend.

As a crypto investor, I’m excited about the formation of the Department of Government Efficiency (D.O.G.E), led by Elon Musk and Vivek Ramaswamy. This development has undeniably fueled speculation among investors, who are jokingly suggesting that DOGE could potentially replace the U.S. Dollar (USD) in the future.

Nonetheless, the possibility of Dogecoin being accepted as a payment option by X Payments serves as a significant motivator for the value of Dogecoin.

Can DOGE Sustain Its Rally? Key Support Levels to Watch

As an analyst, I’m observing a substantial volatility driving the recent surge in Dogecoin prices. Given this momentum, it appears that the upward trend may persist.

As an analyst examining data from Santiment, I’ve noticed a significant surge in Dogecoin (DOGE) trading volume, reaching levels second only to those during the 2021 bull run. Yet, despite this high trading activity, its social dominance remains relatively low. This implies that the retail market hasn’t fully jumped on the bull run bandwagon just yet. Consequently, it seems that the DOGE price may still have some room for growth before reaching its peak.

Additionally, the total supply of DOGE in profit just hit 2021 levels, yet the price has yet to return to the 2021 all-time high. This means investors will be more incentivized to hold on to their bags until after DOGE has broken above its previous ATH and the psychological resistance level of $1. Investors holding on to coins is a bullish sign as it creates scarcity, and while demand is high, the Dogecoin price could continue rising.

Dogecoin Price Prediction: Will It Go Higher or Retrace?

Predictions indicate that Dogecoin, the meme-based cryptocurrency, may continue to rise in value. At its current price of roughly $0.40, there’s a slight resistance level, but history shows it can be surpassed. The Solana monthly chart suggests some rejection at this price point, but with 16 days left until the end of the month, Dogecoin could potentially break through and reach approximately $0.76.

As a crypto investor, I see minimal obstacles ahead once Dogecoin (DOGE) surpasses the $0.4 mark. The path to $1.00 seems relatively clear, but it’s important to note that this psychological price level might present some resistance. However, the Fibonacci retracement tool suggests a more substantial roadblock around $1.22 and $1.25.

As an analyst, I’m observing a potential new surge for Dogecoin, which might propel it past its prior record highs. While volatility remains elevated, the trading volume appears to have decreased after a round of profit-taking among investors. The upcoming buying wave could potentially drive the DOGE price beyond the $1 and $5 milestones.

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2024-11-14 10:38