“Could Doge cross $1?” has surged in popularity, with Dogecoin appearing in top searches across multiple exchanges over the past week.
The memecoin has been on a 4-day winning streak out of 5. On January 17, it hit its highest point at $0.43 in 5 weeks. This has triggered bullish expectations, with some analysts predicting that DOGE could cross $1 over the next few months.
DOGE Price Performance
After hitting a five-week high on January 17 at $0.43, DOGE has experienced a slight decline to its current price of $0.39 in 24 hours. Despite this decline, the Fear and Greed index is at 77 (Extreme greed), according to Coincodex.
Checking the 4-hour time frame, the price action shows a retracement to a strong support zone at $0.36. If the market respects this level, we can expect a price surge to new highs. If it doesn’t, we can expect a decline to the next support level at $0.30.
DOGE has experienced a 17.05% increase over the last 7days, making it one of the best-performing coins this week. This is a continuation of its price recovery since the US election on November 6.
DOGE to $1—A Reality?
DOGE’s price movement has been riding on the hype around crypto’s future with a pro-crypto president Trump. Its price action was further strengthened with the appointment of Elon Musk, one of its major proponents.
According to a crypto analyst on X, “DOGE has formed a bullish pennant pattern on the daily chart and is approaching the descending resistance on the daily chart.” This signals accumulation and a possible breakout. Should the breakout be confirmed, a rally towards $0.65 is imminent.
Likewise, another analyst named Johnny predicts that retail will have the same impact on DOGE as it did with XRP. He believes that once memecoins start trending again following Trump’s inauguration on Monday, they will “trend hard” and cross their psychological level at $1.
Coincodex also puts DOGE at $1.06 over the next three months, citing now as a good time to buy the lighthearted meme coin.
READ MORE: Bitcoin Hit $105k Amid Pre-Trump Market Excitement
