Dogecoin Breaks Key Resistance – $1 DOGE Incoming?

The price of Dogecoin has fallen by 4% today, declining to $0.4334 as the crypto market as a whole loses 2.5% in the past 24 hours.

Despite this fall, DOGE remains up by 5% in a week and by 105% in the past month, with the meme token also sitting on an impressive 325% increase in the last 12 months.

Prior to this morning’s fall, the token had actually broken through the key resistance level of $0.46, although its retreat back toward $0.43 suggests we may have to wait before the coin decisively clears this level.

Yet such a wait may not be that long, with Dogecoin remaining one of the best memes coins to watch in the post-Trump victory landscape.

Dogecoin Breaks Key Resistance – $1 DOGE Incoming?

As with many other tokens today, DOGE’s chart shows the coin butting up against considerable selling pressure, yet the positive of this is that it should rebound later in the week.

Its RSI (purple) has touched 30 in the past hour, which is a clear sign of overselling.

However, we may not see a real rebound until the 30-period average (orange) drops below the 200-period (blue), at which point overselling will have gone too far.

And when it has gone too far, Dogecoin’s discounted price will entice buyers, who will be looking to buy the dip.

We haven’t seen any major buys from whales in around a week, which indicates a lack of the kind of momentum it will need to push through to $0.50.

But what is encouraging is that, despite some profit-taking and uncertainty, DOGE has remained stable around its support level of $0.43.

Its solidity around this level has ensured that traders remain bullish about Dogecoin’s prospects, with some holders and analysts predicting that it will rise to $1 and beyond quite soon.

Dogecoin will rise to $2 in three months!#DOGE pic.twitter.com/sHLGNAhbKX

— Crypto Palm (@Jessespalm) December 9, 2024

For now, it’s likely to reach $0.50 in the next week or so, before ending the year at around $0.55.

Longer-Term Price Prediction

Turning to the bigger picture, 2025 could be very kind to Dogecoin.

Donald Trump’s inauguration on January 20 could be one of a series of events in 2025 that boosts market bullishness, with longtime DOGE supporter Elon Musk set to play a role in the new Trump administration.

He will be co-head of a Department of Government Efficiency, which in taking the D.O.G.E. acronym will play a role in keeping the meme token in the public eye.

We may also see additional rate cuts in the US, with the Fed poised to cut rates again this month.

On top of this, we’re still awaiting developments on X’s plans to introduce digital payments, something which could also prove a big boost to Dogecoin.

𝕏 Payments is coming, it’s going to be a global bank, but starting in the US. What is expected:

* Tipping
* Peer to Peer Transfer
* Wallet
* Interest on what you hold
* Lending
* Transactions (connections to POS) pic.twitter.com/uOtTcDFBMm

— ÐOGEFAN.𝕏 🚀 🇺🇸 🐕⚡️ (@CryptoSLE10) November 26, 2024

Based on these factors, DOGE could hit $1 by H2 2025, and $2 by Q4.

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.