Dogecoin (DOGE) has again become the center of attention in the cryptocurrency world, with many speculating that it is on the brink of a significant rise. On Saturday, Elon Musk posted an image with his son, captioning it as ‘The Dogeson’ and ‘The Dogefather.’ This post ignited discussions among the crypto community about the future of the meme coin. Speculations are rife to see if the meme coin will finally break the $1 barrier during the holiday season.
Musk’s “DOGEFATHER” Impact
In 2021, Musk endorsed the meme coin, which boosted its adoption. He began to identify himself as the ‘Dogefather’, and used this alias to propel the value of DOGE to an all-time high of $0.737. Musk’s continued endorsement of the coin has fuelled expectations that the meme coin would again rally as it did in the past.
Recent technical analysis showed that Dogecoin might be undergoing another potential breakout. On Saturday, analyst Mikybull Crypto predicted a bigger move toward $1. The increasing retail interest in Dogecoin and positive structures on the chart suggest that the currency is in the bulls’ territory and may be on its way to reaching its much-anticipated mark.
As of press time, DOGE is worth $0.4492 and has risen by 133% in the last month. DOGE has cemented its position as one of the prominent assets in the cryptocurrency market and is among the top 10 Layer-1 cryptocurrencies.
Market Sentiment and Trends
On the daily chart, a rising wedge pattern reinforces a bullish setup. The $0.55 level acts as a strong resistance level, and if DOGE can break through this level, a move toward $1 becomes more probable.
Will Dogecoin’s Price Spike Lead to Another Major Dip?Over the last 30 days, Dogecoin sentiment is positive, with 20 marked green. The MACD level also supports this because the indicator is in the buy zone, suggesting that the price will likely rise.
With the holiday season approaching, many traders and investors are watching Dogecoin closely. If the current technical trends hold, the meme coin could see the long-awaited breakout to $1. Musk’s continued influence on the coin’s popularity and the overall market conditions will likely play a significant role in determining whether history will repeat itself for Dogecoin this year.
