Dogecoin price surged by 10%, becoming among the top gainers today. Bulls regained momentum following a brief market decline. The price broke past the $0.36 resistance level, fueling optimism among investors. Analysts are now closely monitoring DOGE, citing the potential for further growth. Like BTC and ETH, Dogecoin is capturing renewed attention, with speculations rising about its ability to hit $3 this month.
Is Dogecoin Price Set to Hit $3 in January?
A crypto analyst predicts Dogecoin price could reach $3.00, citing Fibonacci retracement patterns and historical trends.
Currently Dogecoin hovering above at $0.35, the projection suggests a massive 8x rally. While optimism grows, skeptics warn of market dependencies. Investors await signs of a breakout as Dogecoin’s popularity continues to fuel speculation.
Source: X
Dogecoin price could be poised for significant gains as market momentum in Bitcoin, Ethereum, Solana, and Dogecoin gathers steam. Bitcoin’s current surge to $9,000 and increased activity in meme coins like SHIB, PINGU, WIF, and BONK could positively influence Dogecoin’s trajectory.
Analysts note that during the 2021 bull cycle, Dogecoin soared over 1,100% within a week of the U.S. Presidential inauguration.
As the January 20 inauguration of Donald Trump approaches, speculation grows about its potential impact on Dogecoin’s price. Market watchers recall the influence of political events and broader crypto adoption during previous rallies.
Notably, rumors about Elon Musk heading the Department of Government Efficiency add to the excitement.
Experts suggest that Dogecoin could be just one tweet away from a significant pump, reinforcing its reputation as a market-moving asset during key events.
Analyst Predicts Potential Breakout for DOGE in the Short Term
Analyst has identified a bullish flag pattern on DOGE on 8-hour timeframe, indicating a potential breakout. If this scenario unfolds, the cryptocurrency could witness a significant upward trend, fueling optimism among traders and investors.
According to the analysis, a breakout from the upper resistance line of this channel could trigger a sharp price rally. The projected move suggests a potential price increase of approximately 60%, as indicated by the green breakout zone.
Source: X
Dogecoin Price Analysis
As of Wednesday, the DOGE price was trading at $0.3619, reflecting a strong 10% rise during U.S. trading hours. The price ranged between $0.3428 and $0.3645 throughout the day. A sustained move above the $0.37 mark could spark a new bullish trend. In this case, the Dogecoin price forecast may target the next key resistance near $0.40, with a possibility of climbing toward $0.50.
On the downside, initial support lies at $0.35, and a break below $0.34 could lead to further declines. On the 4-hour chart, the MACD indicator is gaining traction in the bullish zone, suggesting momentum could favor an upward trajectory in the near term.
Dogecoin price chart: TradingView
Dogecoin’s price shows significant bullish momentum, backed by technical analysis and market activity. Analysts speculate further growth, eyeing $3 as a potential target. However, market conditions remain pivotal.
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