Key points to remember:
- DOGE could reach the $1 mark by December 1, with November 29 being a crucial date.
- A market cap of $100 billion could provide significant psychological support for DOGE.
- Expect possible near-term stagnation before another rally.
Dogecoin (DOGE) is approaching key price levels that could trigger substantial market momentum. The popular meme coin, which has recently received renewed attention, could be about to retest its all-time high (ATH).
As the price approaches these critical areas, many in the community look for signs of a breakout. The ATH level, around $0.73, is closely linked to a market cap of $100 billion, which according to the analyst Master Kenobiis a psychological step for the play.
Indeed, Dogecoin has experienced temporary consolidation phases over the past few cycles, particularly when the price has crossed certain trend lines. Although these stagnation events have occurred fairly predictably in the past, there is some evidence that the current cycle is moving through these important levels much more smoothly.
When the $100 billion market cap zone is reached again, it would be a big psychological boost for DOGE and could be considered a “free mega publicity” for the coin.
Possible price scenarios: stagnation or rally
Going forward, there could be two possibilities for Dogecoin: a short stagnation phase with a subsequent surge that could take it into the $1 range or very short-term stability followed by a slight surge high.
In other words, the longer the stagnation, the greater the recovery could be. If DOGE breaks through the upside resistance levels, the price will surge to find a comfortable level in the range between $1.2 and $1.3, after which a pullback could be seen.
Although DOGE has traditionally been susceptible to wild swings, investors can still expect general momentum to carry the price beyond $1 by December 1st.
A strong psychological boost for the Dogecoin community
Reaching $1 is something of a milestone for many Dogecoin holders. The community has been dreaming of such value for DOGE for some time, and the hype surrounding this potential growth of the coin could be as strong as the hype surrounding Bitcoin’s surge to 10K in 2017.
Given this $100 billion market cap, this unlocks some form of psychological impact, while upcoming market movements could soon lead to a sharp rise in the price and adoption of the coin. The next few weeks could be crucial, and on the contrary, there is a date: November 29 is a good candidate for action on the DOGE market.
Related reading | Bitcoin Set to Hit $135,000, CryptoQuant Founder Predicts