After hitting a daily high of $0.4289, Dogecoin price fell to $0.3619 before adding another 7.1% over the past 24 hours to trade at $0.4044. Price volatility increased after Bitcoin soared to over $93,000 during the New York trading session on November 13. The path to $1 is clear, but market watchers are wondering what’s next after Dogecoin hits $1 this month.
What is behind the current Dogecoin price surge?
DOGE Price Currently targeting the $1 price as a new all-time high, potentially in November. The meme coin is up 130% in the last two weeks; therefore, another 150% from here is a breeze.
Dogecoin’s current price rally was initially fueled by Donald Trump’s victory in the presidential election. However, the president-elect moved to establish a pro-crypto cabinet and regulatory environment, giving crypto investors hope for a better future.
– Donald J. Trump (@realDonaldTrump) November 13, 2024
This optimism about the future of the blockchain industry has kept the rally going over the past month.
Additionally, the official creation of the Department of Government Effectiveness (DOGE) led by Elon Musk and Vivek Ramaswamyhas driven up the price of DOGE as investors jokingly speculate that the meme coin could replace the United States dollar (USD).
Nonetheless, the prospect of DOGE becoming an official payment method for X Payments is a notable driver for the price of Dogecoin.
Massive Volatility Hints at Continued DOGE Price Rise
The volatility behind Dogecoin’s current price rally is enormous, so the price will likely continue to rise.
Data from Feeling shows that DOGE trading volume spiked just after the peak of the 2021 bull run. However, social dominance remains low even with such high volumes, meaning retail trading has yet to joins the upward trend. This indicates that the DOGE price is still far from reaching its peak.
Additionally, DOGE’s total supply in terms of profits just reached 2021 levels, but the price has not yet returned to the 2021 all-time high. This means investors will have more incentive to hold on to their bags until DOGE surpassed its previous ATH and the psychological resistance level of $1. Investors holding on to the coins is a bullish sign as it creates a shortage, and even though demand is high, the price of Dogecoin could continue to rise.
Dogecoin Price Analysis: Will It Go Up or Back Down?
Dogecoin Price Forecast suggests that the meme coin will continue to rise. There is local resistance around the current price of $0.40, but it has already been overcome. The monthly Solana candle is showing some rejection at this level, but with 16 days remaining in the month, Dogecoin could still break through and reach $0.76.
Beyond $0.4, there is little to no resistance up to the psychological price level of $1.00. But even then, the Fibonacci retracement tool is showing real resistance and could start showing around $1.22 to $1.25. After that, DOGE could reach $1.97 and finally $6.39.
Dogecoin is about to begin its next leg of the rally, which could propel it beyond its previous all-time high. Volatility is high, but volume has fallen following investor profit-taking. The next wave of buying could push the price of DOGE beyond $1 and $5.
Frequently Asked Questions (FAQ)
Yes, current momentum and strong investor interest suggest that Dogecoin could hit $1 soon. The rally is supported by increasing trading volumes and growing demand from retail and institutional investors.
On-chain metrics show strong accumulation from investors, but retail participation is still low. If retail traders join the rally, DOGE could continue its upward trend.
Trump’s pro-crypto stance and new policies have created a favorable regulatory environment, boosting confidence in crypto assets like Dogecoin. This policy change is considered a major factor behind the current price rise.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the gaming industry. His extensive experience includes working with various startups to deliver insightful, high-quality analytics that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across various industries. Outside of his professional activities, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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