Dogecoin Price Rally Ahead? $1 by December with $100B Market Cap in Sight
Key Takeaways:
- DOGE may hit the $1 mark by December 1, with November 29 being a crucial date.
- A $100B market cap could provide strong psychological support for DOGE.
- Expect possible short-term stagnation before another rally.
Dogecoin (DOGE) is moving closer to key price levels that could trigger substantial market momentum. The popular meme coin, which has recently gained renewed attention, might be on the verge of testing its all-time high (ATH) once again.
As the price inches closer to these critical zones, many in the community are looking for signs of a breakout. The ATH level, around $0.73, is closely tied to a $100 billion market cap, which, according to analyst Master Kenobi, is a psychological milestone for the coin.
Indeed, Dogecoin has witnessed phases of temporary consolidation in the past few cycles, especially when the price has pierced through some trendlines. While these stagnation events have occurred rather predictably in the past, there are indications that the current cycle is negotiating its way through these important levels in a far smoother manner.
When the market cap area of $100B is reached again, that would be a big psychological boost for DOGE and could be viewed as mega free advertising for the coin.
Possible Price Scenarios: Stagnation or Rally
Moving ahead, there could be two possibilities for Dogecoin: a short phase of stagnation with a subsequent pump that may take it into the range of $1 or very short-term stability followed by a slight high push.
In other words, the longer the stagnation, the bigger the rally might be. If DOGE breaks the resistance levels upwards, the price will surge high towards finding a comfortable level within a range between $1.2 and $1.3, after which a pullback may be experienced.
Although DOGE has conventionally been susceptible to wild swings, investors can still expect the general momentum to carry the price beyond $1 by December 1.
A Strong Psychological Boost for Dogecoins Community
Reaching $1 is a kind of milestone for many Dogecoin holders. The community has dreamt about such value for DOGE for quite a while, and the hype surrounding this potential growth of the coin may be as strong as the hype surrounding Bitcoins surge to 10K back in 2017.
Per this market capitalization of $100 billion, it unlocks some form of psychological impact, while upcoming market movements may soon bring in a serious surge in the price and adoption of the coin. The next few weeks could be pivotal, and if anything else, theres one date: November 29 is a good candidate for action in the DOGE market.
Related Reading | Bitcoin Set to Reach $135K, Predicts CryptoQuant Founder
Read more: https://www.tronweekly.com/dogecoin-price-rally-ahead-1-by-december/
Text source: TronWeekly
