DOGE Has Doubled Over the Last Week and Indicators Predict Upside Potential for Elon Musk’s Favorite Cryptocurrency

Favorite cryptocurrency Elon Musk increases 245.70% in the last month and 104.5% for the last week.

This pattern suggests that Dogecoin The support level is around $0.35. If this level continues, Doge could reach $0.56, which is great news for crypto market investors. As it happens, the cryptocurrency that gained popularity in 2021 has increased in value thanks to the attention it has received on social media and search engines, as well as the support of influential figures such as Mark Cuban and Elon Musk.

In 2021 Dogecoin It started at $0.0047 and quickly reached new levels, becoming a viral topic. Musk’s appearance on “Saturday Night Live” was a major milestone for the coin, pushing its price to an all-time high before it began to fall.

It is currently trading at $0.4023, and this recent momentum has sparked speculation that DOGE could hit its $1 target.thanks in part to Elon Musk’s support for the Donald Trump administration.

Historic Dogecoin Rally

Today, DOGE topped $0.41 in the opening hours of trading, a level it has not reached since May 2021, when it recorded an all-time high of over $0.7.

Open interest in Dogecoin (OI) is also near its all-time high since April, suggesting a bullish outlook. Additionally, DOGE-based futures contracts recorded cumulative losses of over $68 million, the largest for the token this year.

Optimism about Elon Musk’s role in a possible Trump administration has also fueled Dogecoin’s recent rally. Musk has proposed the creation of a “Department of Government Effectiveness” (DOGE), stoking enthusiasm for the possibility of seeing Dogecoin in mainstream media and retail.

Can DOGE reach $1?

Dogecoin remains the sixth-largest cryptocurrency by market capitalization, overtaking USDC and XRP, with a gain of $45.15 billion in a month and a half. Many investors see the $1 mark as achievable, which carries important psychological weight.

DOGE’s weekly chart shows a golden cross, a positive indicator for the fourth quarter of 2024. Growing open interest, retail user base and Musk’s influence point to DOGE potentially reaching $1, and even hitting $2 to $4 levels according to some analysts. in this cycle.