- Elon Musk’s latest post sparks fresh speculation on Dogecoin’s potential to surpass $1 during the holiday season.
- With retail interest rising, analysts predict Dogecoin could be preparing for a breakout toward $1, fueled by Musk’s influence.
- Dogecoin’s surge to $0.4492 and bullish chart patterns have traders hopeful for a breakout past $0.55, targeting $1 soon.
Dogecoin (DOGE) has once more become the center of attention in the cryptocurrency market due to new rumours regarding the possibility of the coin to rebound past the $1 mark. The latest fad started over the weekend when Tesla CEO Elon Musk posted a photo of his son with the hashtags ‘The Dogeson’ and ‘The Dogefather’. Musk’s continued influence in the DOGE community has sparked more discussions on the potential of the meme coin.
Dogecoin’s Bullish Outlook
The relation between Elon Musk and Dogecoin has been the driving force behind the surge of the coin in the last couple of years. Musk who has been an advocate of Dogecoin in particular, often referred to himself as the ‘Dogefather’. This endorsement broke the market and led DOGE to its peak of $0.737.
Mikybull Crypto pointed to Dogecoin as possibly preparing for a breakout, saying that the price chart of the coin has positive signs. Mikybull has recently pointed out that retail interest in DOGE is increasing, and the market’s trajectory may be bullish enough to drive the currency towards $1. “DOGE bigger move to $1 is about to kick off.” Mikybull said, adding that should the current patterns consolidate, the token may break through earlier barriers and head towards its previous record highs.
As of the time of writing, Dogecoin is at $0.4503, which represents a strong 139% increase in the last month. This recent surge has given DOGE a strong position among the leading cryptocurrencies, always occupying one of the top 10 positions among the Layer-1 assets
DOGE’s Path to $1
One of the most important technical levels to monitor is the $0.55 level. However, DOGE has yet to rise above this price point in the last few weeks; if this happens, however, experts believe that the currency may quickly move towards $1. The daily chart has formed a rising wedge pattern which is bullish as long as the resistance is broken.
As the holiday season draws near, countless investors are paying attention to Dogecoin’s price movement. However, if the current trends persist, and Musk remains supportive of DOGE, it might finally break through to $1 – a long-awaited level for this meme coin and further solidify its position in the cryptocurrency space.
