Dogecoin (DOGE) Soars 16% Daily as Analysts Set $1 Target

TL:DR;

After the severe correction, Dogecoin has woken up by posting a double-digit increase, taking it to a multi-week high. The asset has closed the gap to $0.4, but analysts continue to highlight $1 as a potential target during this bullish cycle. DOGE USD. Source: TradingView

Shortly after Donald Trump won the US election in early November, DOGE’s price soared due to Elon Musk’s upcoming role under the new administration and his rich history and support of the largest meme coin .

The asset soared by triple digits in a few weeks, reaching a high of almost $0.50. However, it started to lose steam in December and plunged hard during the mid-month correction. In a matter of days, Dogecoin dropped from over $0.41 to $0.26.

It reacted well after this substantial drop and rose to $0.35 almost immediately. However, it failed to recover further and remained in a tight range of $0.31 and $0.34 for weeks.

The picture, however, has changed for the entire market in recent days. The situation around DOGE became especially promising due to the increased number of coins accumulated by the whales during this correction and consolidation phase.

As such, it didn’t take long for the OG meme currency to increase in value. On the 24-hour scale alone, DOGE has soared 16% and is now trading well above $0.39 after breaking through the $0.34 resistance. It is up 25% on a weekly basis and is near $0.4.

Analysts have taken this opportunity to double their $1 prediction for the asset, which has yet to be reached. However, DOGE would need to double its current valuation to achieve such a high price target.

However, it would be interesting to track Dogecoin’s performance in the coming weeks, especially after Trump’s January 20 inauguration and Musk’s DOGE department.

That’s it $ twelve against btc

Target $1

During 2015-2017 I doubled my bitcoin wallets by buying low doge, waiting and selling it for at least double the price.

Groks tells me that in the 133 months Doge beat Bitcoin in 48 cases (36%). I’m betting on some crazy… pic.twitter.com/lRKbOZK6pQ

— Tutor (@cryptotutor) January 3, 2025

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