Will Dogecoin Reach $1 by the End of 2024?

November 26, 2024

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Dogecoin (DOGE) continues to dominate the memecoin house, defying bearish sentiment that has plagued different comparable tokens. At the moment buying and selling above $0.46, the token has skilled important progress, fueled by a surge in liquidity and buying and selling exercise.

Following a bullish breakout previous the important thing resistance degree of $0.39, DOGE now trades persistently above $0.4. This marks the start of a possible bull run geared toward reaching the much-awaited $1 milestone, probably earlier than the top of 2024.

Right here’s an in-depth have a look at the elements driving DOGE’s rally and the probability of reaching this bold goal.

What’s Driving Dogecoin’s Bullish Momentum?

Table of Contents

1. Worth Breakout and Buying and selling Exercise

DOGE just lately broke by means of a big resistance at $0.39, buying and selling persistently above $0.4. This bullish breakout is supported by a exceptional enhance in buying and selling exercise, with the variety of lively addresses skyrocketing from 70,000 to 1.6 million. This heightened exercise is indicative of robust market curiosity and liquidity circulation.

2. Shift in Whale Conduct

A notable discount in whale holdings has allowed smaller traders to take the reins, making a extra distributed and sustainable rally.

3. Historic Patterns

Dogecoin’s present worth motion mirrors its conduct earlier than the huge bull run of 2021. If historical past repeats, DOGE could possibly be on observe for one more explosive rally.

4. Golden Cross Formation

The 50-day transferring common just lately crossed above the 200-day transferring common, forming a Golden Cross—a technical indicator usually related to long-term bullish developments.

Doge worth historical past

Here’s a chart of Dogecoin (DOGE) worth per day from February 26, 2022 to November 21, 2024

Dogecoin, skilled a quick worth surge in early November 2022, following the collapse of FTX. Nonetheless, this rally was short-lived, and as of November 21, 2024, Dogecoin was valued at roughly $0.39 USD.

This contrasts with its speedy rise in reputation in 2021. After optimistic feedback from Tesla CEO Elon Musk, Dogecoin’s worth skyrocketed by almost 216% between January 28 and 29, 2021, reaching a peak of $0.023535 USD. This surge catapulted Dogecoin into the limelight, making it one of the crucial mentioned cryptocurrencies.

Now the query is will it attain $1 or not

Worth Targets: Can DOGE Hit $1?

Brief-Time period Aim: Dogecoin is prone to check $0.6 within the coming weeks as momentum builds.

Mid-Time period Aim: Reaching $0.90 seems possible if the present trajectory holds regular.

Lengthy-Time period Aim: The extremely anticipated $1 milestone could possibly be achieved by late 2024, pushed by robust technicals and market enthusiasm.

Some analysts even speculate that DOGE might overshoot $1 in the course of the peak of the bull market, with predictions ranging as much as $11 based mostly on historic rally patterns.