Dogecoin (DOGE) Could Skyrocket by 120% if it Holds This Important Resistance (Analyst)

TL;DR

DOGE has been on a surge, with analysts predicting gains of up to $2.
The meme coin market capitalization has reached nearly $130 billion, with Dogecoin leading alongside strong performances from Shiba Inu (SHIB), Bonk Inu (BONK), Brett (BRETT), and Ponke (PONKE).

Is DOGE Poised for Further Growth?

Dogecoin (DOGE) has seen a remarkable performance in the past month, with a price surge of 170%. Recently, it reached a three-year high of over $0.43 and is currently trading at approximately $0.38 (CoinGecko data).

One potential factor contributing to this performance is Elon Musk's involvement. The CEO of Tesla has promised to lead a division called the Department of Government Efficiency (D.O.G.E.) within the Trump administration. Musk is expected to streamline bureaucracy, reduce government spending, and enhance efficiency. Trump recently confirmed the creation of D.O.G.E., referring to it as "The Manhattan Project" of our time.

Many analysts believe that the recent price surge of DOGE is just the beginning of a larger rally. Renowned analyst Ali Martinez predicts a 120% increase to $0.82 if DOGE can maintain the $0.37 resistance level. X user Mikybull Crypto forecasted a similar spike, while Captain Faibik sees potential for a rise as high as $2 in the first half of 2025.

Previously, analyst Master Kenobi suggested that bullish factors from the White House, among other elements, could propel DOGE to become the fourth-largest cryptocurrency. Kenobi noted that "the battle won't be easy, as both SOL and BNB will continue advancing. However, with the rapid flow of capital and the frenzy in the market, DOGE could easily climb to $2 or even higher."

The Meme Coin Sector at a Glance

Dogecoin is not the only meme coin showing growth; the entire sector has seen significant gains. Shiba Inu (SHIB) is up 6% daily, while Bonk Inu (BONK) has risen by 8%.

Among the top performers are Brett (BRETT) and Ponke (PONKE), which have both soared by double digits in the last 24 hours.

The market capitalization of the meme coin niche is currently at an all-time high of almost $130 billion. At the beginning of November, it was less than $60 billion.