Dogecoin has experienced a significant price rally, with its value reaching $0.2036, the highest it has been since April 2024. Analysts predict that DOGE could reach $0.36 as its next significant target, driven by a combination of positive market momentum and political developments in the U.S., including Trump’s win in the November 2024 election.
One of the key factors contributing to Dogecoin’s price increase is the broader crypto rally, with Bitcoin surging above its previous all-time high and reaching $75,000. Other cryptocurrencies, such as Solana (SOL), Shiba Inu (SHIB), and Sui (SUI), also experienced double-digit gains. Crypto analyst Erica Hazel has said that Dogecoin looks unstoppable following its recent price increase, while other analysts suggest that DOGE could become a bigger narrative than Artificial Intelligence (AI), particularly if the Department of Government Efficiency (D.O.G.E) is formed after a Trump victory.
Dogecoin currently has strong support around $0.16 and $0.085. A drop below these levels might indicate a potential bearish shift and pause or reverse the current bullish trend. However, if DOGE maintains its upward momentum, it could reach long-term targets of $0.74 and possibly $1. In summary, Dogecoin’s recent price surge can be attributed to a mix of market momentum, political developments, and broader crypto rally.
Analysts predict that DOGE could reach $0.36 and potentially higher targets if it maintains its upward trajectory.
