The Dogecoin price has been steadily increasing, driven by bullish market sentiment following Donald Trump’s win in the recent US Presidential election, with a key target to break through the $0.4 resistance level. A crypto analyst from TradingView has discussed several factors that could propel Dogecoin’s price even higher, potentially reaching the $1 mark in this bullish market.
A recent post on TradingView highlights the potential for Dogecoin to soon attain the coveted $1 milestone. The report presents compelling factors, suggesting that with the influence of SpaceX and Tesla CEO Elon Musk, Dogecoin could see a significant price surge. Specifically, TradingView reveals that Musk’s unwavering support for DOGE could help the meme coin grow steadily to a $130 billion market capitalization, which would represent a $1 price level. Additionally, Dogecoin’s increasing popularity in the financial sector is also poised to catalyze this potential price surge.
Currently, Dogecoin ranks as one of the most talked-about meme coins in the market and stands among the top gainers in this bullish phase. With more users and investors flocking to the DOGE ecosystem, demand and adoption are expected to rise, potentially triggering a major price spike. According to CoinMarketCap, Dogecoin’s price has skyrocketed by an extraordinary 250% in just one month, with its value jumping from around the $0.2 level to new highs around $0.4. TradingView reports that many analysts foresee the Dogecoin price hitting the $1 mark in the near future.
Prominent crypto analyst Jeremy, with 180,300 followers on X (formerly Twitter), has stated that Dogecoin is gearing up to reach $1, driven by Musk’s support and the meme coin’s integration into America’s economy. Other crypto analysts on X, such as ‘Bark,’ have projected even higher surges for DOGE, believing it could rise to $10.
Interestingly, TradingView’s report also reveals that Dogecoin is currently outperforming Bitcoin by 150%. Dogecoin has been on a parabolic run recently, jumping 110% in just one week and continuing to accumulate gains. Following Trump’s Presidential win, Dogecoin’s price rallied 180%, massively outperforming Bitcoin, which grew only 30% in the same period. While Bitcoin’s price is significantly higher and has achieved a new all-time high, DOGE, with a lower price of around $0.4, is seen as a more accessible and profitable option for smaller investors.
Despite the substantial gains in Dogecoin’s price, analysts from TradingView advise caution. They warn that downturns remain possible and that low prices can be deceptive.
