The price of Dogecoin (DOGE) is on the rise, driven by market optimism following Donald Trump’s recent election victory. The cryptocurrency is currently testing key resistance at $0.40. Should this breakthrough succeed, Dogecoin could actually reach the psychological limit of $1. But which factors play a crucial role in achieving this goal?
What could drive Dogecoin price to $1?
According to a recent Analysis on TradingView There are several reasons why Dogecoin could continue to rise. One of the most important factors is the continued support of Elon Musk, the CEO of SpaceX and Tesla. Musk, who has been an avowed fan of Dogecoin for years, has repeatedly shown how big its influence on the price can be. If he maintains his support, Dogecoin’s market cap could rise to $130 billion, according to analysts, which would make a price of $1 per coin possible.
Additionally, Dogecoin’s popularity is growing in the financial world. The cryptocurrency is increasingly attracting new investors, which is increasing demand. The more people invest in Dogecoin, the greater the likelihood of further price increases.
Dogecoin’s impressive growth
Dogecoin is currently one of the most discussed cryptocurrencies. In a month, the price has increased by 250%, from around $0.20 to $0.40, according to data from CoinMarketCap. Some analysts believe this is just the beginning. They predict that Dogecoin could continue to rise in the near future and potentially break the targeted $1 mark.
There is also intense speculation about the future of Dogecoin on social media. Jeremy, a well-known crypto analyst with more than 180,000 followers on Another analyst, known by the pseudonym “Bark,” is even more optimistic and sees Dogecoin rising to as high as $10 in the long term.
