Dogecoin Poised for All-Time High as Presidential Inauguration Approaches

Dogecoin Poised for All-Time High as Presidential Inauguration Approaches

Dogecoin (DOGE) is poised to break through a crucial resistance barrier and set a new all-time high as the US presidential inauguration nears. An analyst predicts that DOGE could soar to $20 during this cycle, mirroring the bullish runs of 2017 and 2021.

Dogecoin (DOGE) is poised to break through a crucial resistance barrier and set a new all-time high as the US presidential inauguration nears. An analyst predicts that DOGE could soar to $20 during this cycle, mirroring the bullish runs of 2017 and 2021.

Technical Analysis: Breakout Signals

Technical Analysis: Breakout Signals

DOGE is showing signs of a breakout, steadily rebounding from its $0.26 monthly support to reach a 24-hour high of $0.36. It has printed a notable 4.7% surge in the past 24 hours and extended its 90-day gains to an impressive 198%. The asset maintains its dominance as the largest meme coin, boasting a market cap of $53 billion.

DOGE is showing signs of a breakout, steadily rebounding from its $0.26 monthly support to reach a 24-hour high of $0.36. It has printed a notable 4.7% surge in the past 24 hours and extended its 90-day gains to an impressive 198%. The asset maintains its dominance as the largest meme coin, boasting a market cap of $53 billion.

Analysts anticipate a significant surge in DOGE during the much-awaited inauguration of Donald Trump as US president. In the three days leading up to this "big day," Open Interest (OI) in DOGE futures has witnessed a substantial jump to $570 million. This has elevated the total OI to over $3.81 billion. Significantly, the three-day OI surge exceeds the 10% increase in spot markets, indicating growing upside expectations among traders and aggressive accumulation by whales.

Analysts anticipate a significant surge in DOGE during the much-awaited inauguration of Donald Trump as US president. In the three days leading up to this "big day," Open Interest (OI) in DOGE futures has witnessed a substantial jump to $570 million. This has elevated the total OI to over $3.81 billion. Significantly, the three-day OI surge exceeds the 10% increase in spot markets, indicating growing upside expectations among traders and aggressive accumulation by whales.

The Volume-Weighted Average Price (VWAP) confirms the bullish signal, showing that DOGE currently trades above this critical technical indicator at $0.3516. The Accumulation/Distribution Line also suggests a steady inflow, currently registering at 1,573.

The Volume-Weighted Average Price (VWAP) confirms the bullish signal, showing that DOGE currently trades above this critical technical indicator at $0.3516. The Accumulation/Distribution Line also suggests a steady inflow, currently registering at 1,573.

Technical Support and Resistance Levels

Technical Support and Resistance Levels

Technical analysis reveals a positive momentum above the 100-hourly simple moving average. The previous resistance level of $0.350 has transformed into a crucial support after breaking through the negative trend line at $0.3350. The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) align with this bullish sentiment.

Technical analysis reveals a positive momentum above the 100-hourly simple moving average. The previous resistance level of $0.350 has transformed into a crucial support after breaking through the negative trend line at $0.3350. The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) align with this bullish sentiment.

The immediate psychological resistance range for DOGE lies between $0.3650 and $0.3800. A breakout above this level could propel the asset to surpass its 2024 high of $0.48. Conversely, a decline below its $0.35 – $0.33 support range may result in a retest of its monthly low at $0.29.

The immediate psychological resistance range for DOGE lies between $0.3650 and $0.3800. A breakout above this level could propel the asset to surpass its 2024 high of $0.48. Conversely, a decline below its $0.35 – $0.33 support range may result in a retest of its monthly low at $0.29.

Analyst Predictions: Bullish Outlook

Analyst Predictions: Bullish Outlook

Renowned analyst Javon Marks believes that $1-$3 price targets are conservative estimates. He suggests that DOGE could potentially reach $20 this cycle. DOGE enthusiasts draw inspiration from its impressive performance in previous cycles, with a 90x surge in 2017 and a remarkable 306x gain in 2021. Crypto analyst Cephii predicts a substantial 1,100% increase for DOGE in the near term, citing the price movement following the 2021 US presidential inauguration. If history repeats itself, DOGE could scale to a new all-time high.

Renowned analyst Javon Marks believes that $1-$3 price targets are conservative estimates. He suggests that DOGE could potentially reach $20 this cycle. DOGE enthusiasts draw inspiration from its impressive performance in previous cycles, with a 90x surge in 2017 and a remarkable 306x gain in 2021. Crypto analyst Cephii predicts a substantial 1,100% increase for DOGE in the near term, citing the price movement following the 2021 US presidential inauguration. If history repeats itself, DOGE could scale to a new all-time high.