Dogecoin (DOGE) the price is up 10% on January 17, forming a higher value of $0.42 on the daily chart. A candle closing above $0.40 will signal a strong trend reversal for memecoin, which has been consolidating between $0.45 and $0.30 since November 11.
As the crypto market gains momentum ahead of President-elect Donald Trump’s return to the White House, traders are expecting another flash breakout for DOGE next week.
DOGE is the most powerful “dinosaur” coin after Bitcoin and XRP
Daan Crypto, a crypto trader and investor, pointed out that DOGE’s recent price breakout was the result of two periods of accumulation between $0.30 and $0.33. In early 2025, DOGE recorded a swing failure pattern (SFP), which pushed the price below $0.40 again.
However, the recent retest and recovery above $0.35 has established a solid foundation for Dogecoin to continue its rally. The merchant said:
“It held stronger in this second chase than most coins, where $BTC, $ETH and many others hit new lows in this week’s chase, DOGE hit a much higher low high and trades within its local range.”
Additionally, the analyst believes that DOGE has the strongest case as a “dinosaur” coin after BTC and XRP. Dino or normie is a term that gained traction in late 2024 when previous bull market crypto assets like XRP (XRP)Hedera (HBA)Cardano (ADA), Stellar (XLM)etc., started to work better than the new narrative tokens. Dogecoin achieved a similar breakout of 222% in two weeks in November 2024.
Market interest is starting to flood in again, as Santiment data highlighted a $200 million purchase from DOGE whales in the last 48 hours.
Related: Why Did Dogecoin (DOGE) Price Rise Today?
There is a 60% chance that DOGE will reach $1 before February
With momentum palpable in the markets, WSB Trader, an anonymous crypto commentator, said memecoin has a greater than 60% chance of reaching $1 before the end of January. The trader added,
“Don’t take away the richest man on the planet, Elon Musk, and the most powerful man on the planet, US President Donald Trump.”
Similarly, Johnny, a crypto investor, told his 785,000 followers that retail could have a similar impact on DOGE as it did on XRP. The investor believed that once memecoin started trending, it would trend “strong again” and reach its psychological level of $1.
Mikybull, a technical analyst, also shared a similar outlook after the crypto asset broke through a bullish pennant, as pictured above. A similar price target of $1 was expected after the trend breakout.
Related: XRP’s 2017 playbook hints at 100% rally against Bitcoin by March
This article is intended for general information purposes and is not intended to be and should not be considered legal or investment advice. The views, thoughts and opinions expressed herein are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.