Here Are The Factors That Could Drive The Dogecoin Price To $1 This Bull Market
2024年11月15日 - 9:00AM
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Driven by bullish market sentiment following Donald Trump’s win in
the concluded US Presidential election, the Dogecoin price has been
steadily increasing, aiming to break through the $0.4 resistance
level. A crypto analyst of Trading View has discussed several
factors that could propel the Dogecoin price even higher,
potentially hitting the $1 mark in this bull market. Key
Drivers To Send The Dogecoin Price To $1 A recent post on
TradingView discusses the potential for the Dogecoin price to soon
hit the coveted $1 milestone. Presenting compelling factors, the
report suggests that Dogecoin could see its price surging to $1
with the influence of SpaceX and Tesla CEO Elon Musk. Related
Reading: Bitcoin Price Prediction: Analyst Sets $320,000 Target As
Wave 5 Begins To put it more clearly, TradingView has revealed that
Musk’s steadfast support and devotion to DOGE could allow the meme
coin to steadily grow to a $130 billion market capitalization,
representing a $1 price surge. In addition, Dogecoin‘s increasing
popularity in the financial space is also set to catalyze a
potential price surge. Currently, Dogecoin is one of the most
talked-about meme coins in the market, as the cryptocurrency has
among the top gainers in this bull market. With more users and
investors flooding into the DOGE ecosystem, demand and adoption are
poised to rise, potentially triggering a major price spike.
According to CoinMarketCap, the Dogecoin price has increased by a
staggering 250% in just one month. This massive price surge saw the
meme coin jump from around the $0.2 price level to new highs around
$0.4. TradingView’s report noted that many analysts foresee the
Dogecoin price hitting the $1 price tag in the near future.
Notably, Jeremy, a prominent crypto analyst, told his 180,300
followers on X (formerly Twitter) that the Dogecoin price is
gearing up to reach $1, driven by Musk’s support and the
integration of the meme coin in America’s economy. Other X crypto
analysts like ‘Bark’ have projected even higher price surges for
DOGE, believing it could rise to $10. DOGE Outperforms
Bitcoin During its report, TradingView also revealed that the
Dogecoin price is currently outperforming Bitcoin by 150%. As
mentioned earlier, Dogecoin has been on a parabolic run recently,
jumping 110% in just one week while still accumulating gains as of
writing. TradingView’s report revealed that following Trump’s
Presidential win in the concluded US election, the Dogecoin price
rallied 180%. Related Reading: Shiba Inu Burn Rate Crashes
82% Despite Recovery, Can SHIB Price Still Make It To $0.00008 ATH?
This massive price surge outperformed Bitcoin, which grew only 30%
within the same period. While Bitcoin’s price is significantly
larger than DOGE and has successfully achieved a new ATH, DOGE,
with a lower price of around $0.4, is viewed as a more accessible
and profitable option for smaller investors. Despite the
clear gains in the Dogecoin price, analysts from TradingView
caution against jumping headfirst too quickly. They warn that
downturns remain possible and low prices can be deceptive.
Featured image created with Dall.E, chart from Tradingview.com
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