There’s a hype in the air that our favorite memecoin could be gearing up for a serious price growth.
Analysts are throwing around some exciting predictions, saying there’s about a 60% chance that Dogecoin will hit that magical $1 level before January 31.
Good boi
As of January 17, Dogecoin’s price jumped 10%, reaching around $0.42. If it can close above $0.40, we might just see a strong trend reversal, as the price has been bouncing between $0.30 and $0.45 since November.
With the crypto market heating up ahead of President-elect Donald Trump’s return to the White House, traders are anticipating another big breakout for DOGE next week.
Crypto trader Daan Crypto pointed out that Dogecoin’s price action came after two strong accumulation phases between $0.30 and $0.33.
$DOGE Has retaken the important ~$0.35 price level.
This has held stronger on this second flush than most coins, where $BTC, $ETH and many others made new lows on this week's flush, DOGE made a nice higher low and trades back within its local range.
I would want to see this… pic.twitter.com/TUKoK4EzFq
— Daan Crypto Trades (@DaanCrypto) January 16, 2025
At the start of 2025, DOGE faced a swing failure pattern, causing it to dip below $0.40 again. But this bounce back above $0.35 has set a solid foundation for further gains.
“DOGE held up better than most coins during this week’s market dip—while Bitcoin and Ethereum were struggling, Dogecoin managed to make a higher low.”
Golden age for crypto is coming?
Market interest is also on the rise, with data from Santiment showing that DOGE whales have bagged about $200 million on the coin in just 48 hours.
Whales have started to buy DOGE carefully again – Santiment data pic.twitter.com/6dIznN3iWj
— CryptoNews (@CryptolandNews) January 17, 2025
Another trader WSB Trader confidently stated that Dogecoin has more than a 60% chance to hit $1 by the end of January.
“Don’t underestimate the richest man on the planet, Elon Musk, or the most powerful man on the planet, President Trump!”
Retail has just sent $XRP from $.50 to $3.40 in a few weeks to new ATHs — retail coins about to catch fire
I think DOGE starts trending hard again and retail thinks they can pump it past $1
D.O.G.E starts Monday w/ Trumps inauguration & Elon
Doge szn soon pic.twitter.com/eFNtwedd09
— Johnny (@CryptoGodJohn) January 17, 2025
Dogecoin’s best month?
January has historically been a strong month for DOGE, often seeing average gains of around 85%.
With Trump’s inauguration coming up on January 20, which could be a potential catalyst for market movement, things are looking quite promising.
Moreover, open interest in DOGE futures has skyrocketed to over $4.70 billion, signaling that investors are betting big on continued price increases.
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