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After reaching a daily high of $0.4289, the Dogecoin price dropped to $0.3619 before adding another 8.3% in the last 24 hours to trade at $0.3928. The 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 observers wonder what’s next after Dogecoin hits $1 this month.
What’s Behind the Current Dogecoin Price Surge?
DOGE price is currently targeting the $1 price as a new all-time high, potentially in November. The meme coin has risen 130% in the last two weeks; hence, another 150% from here is peac of cake.
The current Dogecoin price rally was initially fueled by Donald Trump winning the presidential election. However, the president-elect has moved to establish a pro-crypto cabinet and regulatory environment, giving the crypto investors hope for a better future.
— Donald J. Trump (@realDonaldTrump) November 13, 2024
This optimism around the future of the blockchain industry has kept the rally going for the past month.
Additionally, the official establishment of the Department of Government Efficiency (D.O.G.E) headed by Elon Musk and Vivek Ramaswamy, has boosted the price of DOGE as investors jokingly speculate the meme coin could replace the U.S. Dollar (USD).
Still, the prospect of DOGE becoming an official payment method for X Payments is a notable driving force for the price of Dogecoin.
Can DOGE Sustain Its Rally? Key Support Levels to Watch
The volatility behind the current Dogecoin price rally is massive, so the price will likely continue surging.
Data from Santiment shows DOGE trading volume soared to heights only second to the peak of the 2021 bull run. However, social dominance is still low even with such high volumes, meaning retail hasn’t joined the bull run yet. This signals that the DOGE price is still some distance from topping out.
Additionally, the total supply of DOGE in profit just hit 2021 levels, yet the price has yet to return to the 2021 all-time high. This means investors will be more incentivized to hold on to their bags until after DOGE has broken above its previous ATH and the psychological resistance level of $1. Investors holding on to coins is a bullish sign as it creates scarcity, and while demand is high, the Dogecoin price could continue rising.
Dogecoin Price Prediction: Will It Go Higher or Retrace?
Dogecoin price forecast suggests the meme coin will still move higher. There is a local resistance around the current price of $0.40, but it has been overcome before. The Solana monthly candle shows some rejection at this level, but with 16 days left to the end of the month, Dogecoin might still push through and hit $0.76.
Beyond $0.4, there is little to no resistance until the psychological price level of $1.00. But even then, the Fibonacci retracement tool shows real resistance and may start showing around $1.22- $1.25. After that, DOGE could reach for $1.97 and finally $6.39.
Dogecoin Price Analysis ChartDogecoin is about to begin its next leg of the rally, which could send it beyond its previous all-time high. Volatility is high, but volume has dropped following profit-taking from investors. The next wave of purchases could send DOGE price beyond $1 and $5.
Frequently Asked Questions (FAQs)
Yes, the current momentum and strong investor interest suggest Dogecoin could hit $1 soon. The rally is supported by rising trading volumes and increasing demand from both retail and institutional investors.
On-chain metrics show strong accumulation by 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 political shift is seen as a major factor driving the current price rally.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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