The Dogecoin bull run is getting intensified as the token is heading towards higher targets effortlessly. The recent rise of over 250% in the past few days has pushed the token higher to become the 6th largest crypto in the market with a market capitalisation of $60 billion. Besides, the volume of the token has raised to insane levels, from around $5 billion to $6 billion to as high as $26.2 billion, which sheds light on massive trading activity over the platform. With this, the DOGE price is expected to remain incremental for the rest of 2024.
Will Dogecoin Reach $1 in 2024?
Dogecoin price has surged to a 3-year high, breaking $0.31 showing impulsive growth this week jumping from the lows around $0.18. The current trade set-up indicates strong bullish momentum as the prices reach levels not seen since 2021. Markets have reacted to social media buzz around Elon Musk and Donald Trump, proving the DOGe’s sensitivity to a high-profile mention.
The DOGE price is now trading between the crucial resistance and support levels at $0.4520 and $0.3754 which are also FIB levels of 0.786 and 1. The volume is largely in favour of bulls and as a result, the RSI has pierced above the resistance of the rising channel. Now that it has entered into the overbought zone, a sustained volume over $16 billion to $18 billion favouring the bulls may compel it to remain within the zone, otherwise, a pullback could be imminent.
As the MA underwent a Golden cross, the possibility of a pullback remains aloof but the probability of reaching $1 in 2024 depends on the rally surpassing the final resistance before the ATH at $0.5.
How much will 1 Dogecoin cost in 2025?
In a wider perspective, the DOGE price appears to be at the foothill of a massive explosion. The token is closely replicating the previous pattern which suggests the price is due for a monstrous rally which may elevate the levels beyond anyone’s expectations.
The long-term price action displays the similarities between the current trade set-up and the 2021 bull run. The 50-day & 200-day MA had undergone a bearish crossover or “Death Cross’ and quickly within a few days experienced a bullish crossover or ‘Golden Cross’ which triggered an 8000% rally to mark highs at $0.7376. Currently, the token has withstood the Death cross and the Golden cross is happening.
Therefore, the long-term price action of DOGE suggests the rally could melt faces in 2025, with the cost of 1 Dogecoin being a double-digit figure.
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