Dogecoin (DOGE) could be gearing up for significant appreciation, with a possible 45% rise. In a post by X on Wednesday, memecoin fanatic analysts identified a bullish flag pattern on the short-term chart of DOGE.
This pattern suggests that Dogecoin It has a support level around US$0.35. If this level is maintained, DOGE could reach up to $0.56, which is excellent news for crypto market investors. It happens that the cryptocurrency, which gained popularity in 2021, experienced an increase in its value thanks to the attention it received on social networks and search engines, added to the support of influential figures such as Mark Cuban and Elon Musk.
In 2021, Dogecoin It started at $0.0047 and quickly reached new levels after becoming a viral topic. Musk’s appearance on “Saturday Night Live” was a milestone for the coin, raising its price to an all-time high before it began to fall.
The price of Dogecoin (DOGE) has experienced a 45% rally in the last 24 hours, thus consolidating four days of strong bullish trend. This recent momentum has sparked speculation about DOGE reaching the $1 target, fueled in part by Elon Musk’s endorsement of Donald Trump’s administration.
Historic Dogecoin Rally
Today, DOGE exceeded US$0.41 in the first hours of trading, a level it had not reached since May 2021, when it recorded its all-time high of more than US$0.7. In the last week, Dogecoin has offered a return greater than 150% to its investors, and its value has tripled in the last 30 days.
Dogecoin’s open interest (OI) is also near its all-time high since April, rising 27.3% in the last 24 hours, suggesting a bullish outlook. Additionally, DOGE-based futures contracts recorded cumulative losses of more than $68 million, the largest for the token so far this year.
Optimism over Elon Musk’s role in an eventual Trump administration has also strengthened Dogecoin’s recent rally. Musk has suggested the creation of a “Department of Government Efficiency” (DOGE), stoking excitement over the possibility of seeing Dogecoin in mainstream media and retail.
Is it possible for DOGE to reach $1?
Dogecoin remains the sixth cryptocurrency by market capitalization, surpassing USDC and XRP, with a growth of $45.15 billion in a month and a half. Currently, it is trading at $0.3878, which represents an increase of more than 396% in the last year, and many investors see the $1 mark as achievable, which has important psychological weight.
DOGE’s weekly chart shows a “golden cross,” a positive indicator for the fourth quarter of 2024. Growing open interest, retail user base, and Musk’s influence point to DOGE potentially reaching $1, and according to some analysts , even reaching between $2 and $4 in this cycle.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
