Dogecoin Poised to Skyrocket: $0.40 is the New Floor
- WSB Trader Rocko predicts Dogecoin wont dip below $0.40, citing a double-bottom formation.
- Analysts project DOGE could hit $1 by January 2025, with a chance of parabolic growth.
- Elon Musks involvement with Trumps task force adds potential fuel to DOGEs rally.
As the cryptocurrency market heats up in anticipation of President-elect Donald Trumps inauguration, all eyes are on Dogecoin (DOGE), the beloved meme coin with a loyal following. Amid growing excitement, prominent crypto trader WSB Trader Rocko has stirred a wave of optimism, asserting that Dogecoin is unlikely to dip below the $0.40 threshold anytime soon. This declaration comes as the market grapples with uncertainty and eyes the future potential of the popular digital asset.
Rocko, known for his bold market predictions, took to social media on December 16, 2024, to share his outlook for DOGE. In a post that quickly gained traction, he described this as Last Chance to buy DOGE below $0.40. According to the trader, DOGEs price will soon see an upward trajectory, citing a technical analysis based on a double-bottom formation in the daily price chart. He estimates that Dogecoin has a 60% chance of reaching $1 by the end of January 2025, with one target above $0.73 and the other at the $1 mark, a level that many enthusiasts have long anticipated.
Rockos prediction aligns with a broader sense of bullishness in the crypto space, as some analysts foresee the coin experiencing a second leg of its parabolic rally, similar to the 2021 bull market. In particular, Ali Martinez, a well-known crypto analyst, has suggested that the price action in DOGE could align with the inauguration of President-elect Donald Trump. Martinez, whose bold predictions have earned attention in the past, has suggested that Dogecoin could rise as high as $23 in the current market cycle, though that remains a distant target for now.
Dogecoin Price Surge Likely with Musks Task Force Role
One key factor fueling the optimism is Elon Musk, the CEO of Tesla and a staunch supporter of Dogecoin. Musks involvement with Trumps proposed Department of Government Efficiency, often referred to as D.O.G.E. by the billionaire, could serve as a potential catalyst for the meme coins rally. The ties between Musk and Dogecoin have always been a point of speculation, with many investors viewing Musks influence as a driving force for the coins price movements.
As of today, DOGE continues to hover just below $0.40, trading at $0.3858. It has seen a slight increase of about 2% in the past 24 hours, but remains far from the meteoric targets set by analysts. Despite this, traders like Rocko and Martinez remain confident that the meme coin could soon see a surge, particularly if broader market conditions align.
Read more: https://www.tronweekly.com/dogecoin-poised-to-skyrocket-0-40-new-floor/
Text source: TronWeekly
