Will Dogecoin Price Hit $1 in 2024

As crypto market volatility continues, Dogecoin (DOGE), a prominent meme-based cryptocurrency, faces a downward trend under mounting market pressures. While bearish momentum mirrors broader economic adjustments, DOGE appears to be nearing a phase of stabilization.

Analysts suggest that with the current market recalibrations, Dogecoin might still capture additional gains in the near future. Optimism remains that DOGE could edge closer to the highly anticipated $1 mark, as market watchers keep a close eye on the coin’s recovery potential and the evolving cryptocurrency landscape.

Dogecoin Price Faces Key Resistance Zone

Crypto analysts shared an X post indicating that Dogecoin’s price was recently rejected at a critical resistance level, encountering significant selling pressure. 

The analyst anticipates another test of this resistance in the coming days, closely watching to see if the price can break through this challenging zone. 

#DOGE was rejected from the #resistance area and faced significant #selling pressure there. We may see another test of the resistance area in the coming days, so let’s watch to see if the #price can break above this level. Currently, this is not an ideal #trade zone, so it’s… pic.twitter.com/aX4DuFqK2V

— Crypto VIP Signal™ (@CryptoVIPsignal) October 26, 2024

The latest DOGE price has experienced a 2.74% drop over the past 24 hours, trading at $0.1346. This decline reflects the ongoing struggles within the cryptocurrency market as DOGE faces resistance at recent highs as DOGE eye more than 100%. Despite briefly touching $0.1396, the coin couldn’t maintain upward momentum, leading to a downward correction. 

Will DOGE Hit $1 by Year-End?

In recent weeks, the Dogecoin price has surged by 17%, an impressive 81% increase year over year. This resurgence has fueled optimism that, with continued bullish momentum, DOGE could surpass its current resistance at $0.20.

If this upward trend holds, the meme coin may even revisit its all-time high of $0.7376, achieved on May 8, 2021, when the price soared before eventually declining by over 81%.

The rise in meme coins, whale activity, and a potential Bitcoin rally past $70,000 could further fuel Dogecoin’s price. If these factors align, DOGE price prediction might realistically target the $1 milestone by the end of this year, marking a pivotal moment for the cryptocurrency community and Dogecoin investors.

The daily technical indicators for Dogecoin reveal a cautiously optimistic outlook as prices stabilize around $0.13395. After a recent climb, Dogecoin hovers near significant support and resistance levels at $0.12000 and $0.15000, respectively. Buyers are eyeing these levels closely for potential breakout moves while sellers remain vigilant.

The Relative Strength Index (RSI), currently at 58, reflects a neutral to slightly bullish momentum. This decrease in RSI suggests that while buying interest has softened, there is room for upward movement if positive momentum resumes.

Dogecoin Price Chart| TradingView

Will Dogecoin Price Rebound Amid Whale Accumulation?

The whale activity surrounding Dogecoin suggests a potential bullish trend fueled by significant moves among large holders. The recent data reveals that whales with over $5 million have consistently increased their stablecoin accumulation, which aligns closely with DOGE price fluctuations. 

As these large holders grow their share of stablecoins, DOGE’s price increases, indicating possible buying pressure or preparation for future investments. 

Source- Santiment

The Dogecoin price trajectory holds potential for a bullish shift, driven by factors like steady whale accumulation, the broader rise of meme coins, and Bitcoin’s resilience. As DOGE approaches critical resistance levels, investor sentiment leans cautiously optimistic, especially with renewed attention on the $1 milestone

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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.