After reaching a daily high of $0.4289, the Dogecoin price dropped to $0.3619 before adding another 8.3% in the last 24 hours to trade at $0.3928. The price volatility increased after Bitcoin soared to over $93,000 during the New York trading session on November 13. The path to $1 is clear, but market observers wonder what’s next after Dogecoin hits $1 this month.
What’s Behind the Current Dogecoin Price Surge?
DOGE price is currently targeting the $1 price as a new all-time high, potentially in November. The meme coin has risen 130% in the last two weeks; hence, another 150% from here is peac of cake.
The current Dogecoin price rally was initially fueled by Donald Trump winning the presidential election. However, the president-elect has moved to establish a pro-crypto cabinet and regulatory environment, giving the crypto investors hope for a better future.
pic.twitter.com/jCNiai0hKc
— Donald J. Trump (@realDonaldTrump) November 13, 2024
This optimism around the future of the blockchain industry has kept the rally going for the past month.
Additionally, the official establishment of the Department of Government Efficiency (D.O.G.E) headed by Elon Musk and Vivek Ramaswamy, has boosted the price of DOGE as investors jokingly speculate the meme coin could replace the U.S. Dollar (USD).
Still, the prospect of DOGE becoming an official payment method for X Payments is a notable driving force for the price of Dogecoin.
Can DOGE Sustain Its Rally? Key Support Levels to Watch
The volatility behind the current Dogecoin price rally is massive, so the price will likely continue surging.
Data from Santiment shows DOGE trading volume soared to heights only second to the peak of the 2021 bull run. However, social dominance is still low even with such high volumes, meaning retail hasn’t joined the bull run yet. This signals that the DOGE price is still some distance from topping out.
Additionally, the total supply of DOGE in profit just hit 2021 levels, yet the price has yet to return to the 2021 all-time high. This means investors will be more incentivized to hold on to their bags until after DOGE has broken above its previous ATH and the psychological resistance level of $1. Investors holding on to coins is a bullish sign as it creates scarcity, and while demand is high, the Dogecoin price could continue rising.
Dogecoin Price Prediction: Will It Go Higher or Retrace?
Dogecoin price forecast suggests the meme coin will still move higher. There is a local resistance around the current price of $0.40, but it has been overcome before. The Solana monthly candle shows some rejection at this level, but with 16 days left to the end of the month, Dogecoin might still push through and hit $0.76.
Beyond $0.4, there is little to no resistance until the psychological price level of $1.00. But even then, the Fibonacci retracement tool shows real resistance and may start showing around $1.22- $1.25. After that, DOGE could reach for $1.97 and finally $6.39.
Dogecoin Price Analysis Chart
Dogecoin is about to begin its next leg of the rally, which could send it beyond its previous all-time high. Volatility is high, but volume has dropped following profit-taking from investors. The next wave of purchases could send DOGE price beyond $1 and $5.
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