Dogecoin (DOGE) Skyrockets 16% Daily as Analysts Set $1 Target

Dogecoin Soars 16% Daily, Analysts Reiterate $1 Target

Following a significant correction, Dogecoin (DOGE) has rebounded with a double-digit surge, reaching a multi-week high. The digital asset has narrowed the gap to $0.4, and analysts maintain that $1 remains a potential target during this bullish cycle.

Elon Musk's Influence and Market Dynamics

In early November, following Donald Trump's election victory, DOGE experienced a surge driven by Elon Musk's potential role in the new administration and his unwavering support for the meme coin. However, the asset's momentum waned in December and crashed during the mid-month correction, dropping from over $0.41 to $0.26.

Recovery and Accumulation

DOGE rebounded to $0.35 after the correction, but its progress stalled within a tight range between $0.31 and $0.34. In recent days, market dynamics have shifted, particularly due to the significant accumulation of DOGE by whales during the correction phase.

16% Surge and $1 Target

Over the past 24 hours, DOGE has surged by 16%, trading above $0.39 after breaking through the $0.34 resistance. On a weekly basis, it has gained 25% and currently hovers near $0.4.

Analysts have seized this opportunity to reiterate their $1 prediction for DOGE, although the asset still needs to double its current valuation to reach this target.

Outlook and Impact of Upcoming Events

It will be intriguing to monitor Dogecoin's performance in the coming weeks, particularly in light of Trump's inauguration on January 20 and Musk's "D.O.G.E." department.