Dogecoin Skyrockets 400% in 14 Days — Is $1 the Next Stop?

Key Insights:

• Dogecoin has made a 400% rally ($0.1 to $0.45) in the past 14 days.

• Experts predict even higher price targets in the coming weeks.

• However, traders must avoid getting into FOMO and understand the risks.

• Top expert Cathie Wood says the rally in the crypto markets has just started.

• DOGE also sees the possibility of an ETF shortly.

Master Trader Predicts $0.73 Target Next on DOGE’s Charts Nov 2024

After a fortnight (05 Nov to 18 Nov 2024) of a super bullish rally, DOGE isn’t done yet.

A crypto analyst named “Bluntz Capital” on X sees DOGE rise up to 0.0000075 BTC ($0.73) by the end of next month, i.e., Dec 2024.

The user is a well known analyst and has accurately predicted several crashes and rallies in the past.

The trader, who has been using Elliott Wave theory, thinks that on DOGE/BTC charts, DOGE has formed two clear waves, A and B, on 12 and 13 Nov and a C wave, which could form possibly around 18 to 19 Nov. Based on the D and E waves of Elliott Wave theory, the analyst believes that DOGE could rise from here to 0.0000075 BTC.

A breakout in DOGE/BTC charts does not necessarily mean an equivalent rally in DOGE. It refers to the fact that DOGE could rise much faster than Bitcoin or the latter may be correct shortly.

This breakout could either be due to Technical reasons, such as short covering or long positions, or fundamental reasons, such as the DOGE ETF.

Expecting a Larger Rally of 30,000% in 2025

All of these set aside, we have another top analyst, Ali who has been reiterating that DOGE could see a 2021-like rally. In that year, DOGE rallied around 25,000%.

In his latest tweet, Ali mentions that DOGE has already broken out of a bullish flag pattern above $0.4. This means that as long as the crypto sustains above those levels, it has the potential to cross $0.85 by the end of this month, November 2024.

Additionally, Ali mentioned that DOGE has the potential to rally by 30,700% (from $0.1). If this is proven true, it could send DOGE to $3 or above by the end of 2025.

However, Don’t Ignore a Few Things

Given that DOGE has already rallied 400% in the last fortnight and that crypto markets are now in a consolidation phase post-Trump-led rally, the path ahead looks more daunting than the rally to date.

This is because each rally is typically associated with a correction that follows next to it. In the current context, this correction has forced DOGE down from $0.45 to $0.37. Bitcoin, on the other hand, hasn’t much corrected, and a similar correction in Bitcoin could force the entire market to correct further.

Secondly, it is still unclear how Elon Musk’s Department of Government Association (DOGE) is related to the actual cryptocurrency Dogecoin. Elon had a “moral association” with DOGE but still lacks any formal effort to help it grow.

Finally, memecoins are a lot more volatile than other cryptocurrencies. This has helped them outperform all other cryptos even when there was a hint of good news. DOGE, being one of them, also witnessed the same growth. However, the same could spell a crash for its price if these current market sentiments are based on little substance or if any bad news emerges.

Understanding Broader Market Trends

Cathie Wood, who leads ARK Invest, one of the top crypto ETF issuers, has commented that at $90k, Bitcoin has way more upside. Since Bitcoin dominates 60% of the crypto markets at press time, any lead or directional momentum in Bitcoin could influence DOGE’s price in the near future.

Now, as Bitcoin nears $100k, with most market analysts agreeing it is just a matter of time, we can expect a similar rally in DOGE. Such a rally could easily help DOGE’s price cross $1 in the near future.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.