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The original meme crypto, Dogecoin, has recorded impressive growth lately, capitalizing on improved broad market sentiments and Elon Musk’s cryptic advertisements.
Dogecoin saw remarkable rallies since mid-October, propelling its market cap well past the $20 billion mark.
Notable, Dogecoin’s market dominance jumped from mid-October levels of 0.74% to surpass 1%.
The metric has swayed below 1% since May 2024.
TradingView shows that DOGE’s market dominance jumped to 1.05% during this publication.
Source – TradingView
The impressive growth follows significant bullish resurgences and has raised questions of Dogecoin prices hitting $1 soon.
DOGE opened this week with notable bullishness, touching $0.179 during Tuesday’s sessions.
The altcoin had never explored the highs since April 2024.
The over 60% gain in October reflects robust upside momentum for Dogecoin as it targets to erase a zero and eventually hit the $1 mark.
Dogecoin targets $1 on a symmetrical triangle breakout
While Dogecoin has seen staggering rallies previously, it’s yet to hit $1.
Nevertheless, the current outlook shows the meme coin might finally attain the target.
The altcoin boasts a crucial technical setup that might push it past $1.
Dogecoin broke out from an immense symmetrical triangle setup that has prevailed for three years (since April 2024).
Dogecoin saw a similar breakout in 2020 – 2021 when it breached the setup’s upper boundary in October 2020.
The move catalyzed an over 31,300% surge in DOGE prices.
Meanwhile, the altcoin appears to mimic similar moves in October 2024.
Source – TradingView
A technical analysis opens the path to $2 per DOGE in the upcoming years, with $1 in 2025 as a more realistic target.
The seven-day Relative Strength Index supports the upside case for the dog-themed token.
Dogecoin’s weekly RSI rebounded from the historical support barrier at 46 in July.
Such bounces after consolidation setups like symmetrical triangles often welcome stable rallies, supporting the breakout’s $1 – $2 target.
That would translate to a 500- 100% gain from DOGE’s current prices.
US elections to propel DOGE
Cryptocurrencies display optimism as the US Presidential elections nears.
While proponents expect Donald Trump’s victory to boost the cryptocurrency market, the newborn Musk-Trump alliance could trigger explosive moves for DOGE.
The Tesla CEO contributed to sending Dogecoin up by 64,000% to record highs in 2021. Musk has also driven the asset’s growth this cycle.
Donald Trump remains the favorite to win the upcoming presidential elections, according to Polymarket.
Musk’s continued Dogecoin support upon Trump’s victory could see DOGE replicating the Dogefather-influenced 2021 surges.
Such developments might catalyze a robust symmetrical triangle breakout for Dogecoin, skyrocketing the alt to never-witnessed-before price peaks.
The post Dogecoin market dominance tops 1%: Could DOGE price hit $1 this cycle? appeared first on Invezz
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