Dogecoin (DOGE) price rose 10% on January 17 to form a higher value of $0.42 on the 1-day chart. A candle closing above $0.40 signals a strong trend reversal for memecoin, which has been consolidating between $0.45 and $0.30 since November 11th.
Dogecoin 1 day chart. Source: Cointelegraph/TradingView
With cryptocurrency markets gaining steam ahead of President-elect Donald Trump’s return to the White House, traders are expecting another offensive against DOGE next week.
DOGE is the most powerful “dino” coin after Bitcoin and XRP.
Cryptocurrency trader and investor Daan Crypto emphasized that DOGE’s recent price breakout was the result of two accumulation periods between $0.30 and $0.33. In early 2025, DOGE registered a swing failure pattern (SFP), causing the price to fall below $0.40 again.
Dogecoin analysis by Daan Crypto. Source: X.com
However, the recent retest and recovery above $0.35 has built a strong foundation for Dogecoin to rise further. said the merchant.
“In this second flush, $BTC, $ETH and many other coins hit new lows at this week’s flush, while DOGE hit higher lows and held stronger than most coins trading again within their local range.”
The analyst also believes that DOGE has the strongest case as a “dinosaur” coin after BTC and XRP. Dino or normie is the end of 2024, when previously bull market crypto assets such as It’s a term that has gained traction. token. Dogecoin achieved a similar breakthrough of 222% in two weeks in November 2024.
Market interest is beginning to surge again, with $200 million in purchases from DOGE whales in the past 48 hours, according to data from Santiment.
DOGE whale allocation increases. Source: X.com
Related: Why Is Dogecoin (DOGE) Price Up Today?
There is a 60% chance that DOGE will reach $1 before February.
Anonymous cryptocurrency commentator WSB Trader said there is a more than 60% chance that the memecoin will reach $1 before the end of January, with noticeable momentum growing in the market. The merchant added.
“Don’t overshadow Elon Musk, the richest man on Earth, and President Donald Trump, the most powerful man on Earth.”
Likewise, cryptocurrency investor Johnny told his 785,000 followers that retail could have a similar impact on DOGE as it did on XRP. Investors believed that once Memecoin started trending, it would trend “bullish again” and reach the psychological level of $1.
Dogecoin 3-day chart analysis by Mikybull. Source: X.com
Technical analyst Mikybull also shared a similar outlook after the cryptocurrency asset broke through the bullish pennant as explained above. A similar price target of $1 was expected after the pattern break.
Related: XRP’s 2017 Playbook Hints 100% Rise Against Bitcoin by March
This article is written for general information purposes and should not be considered legal or investment advice. The views, thoughts and opinions expressed herein are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.