Dogecoin Price Prediction: Could It Skyrocket Past $1 If Bitcoin Surges to $100K?

As Bitcoin approaches the coveted $100,000 mark, many are speculating whether the bullish momentum will spill over to Dogecoin. Recent trends suggest that Dogecoin’s price could climb even higher, possibly setting new records.

As of November 30, Dogecoin traded at $0.42, reflecting an impressive 351% increase from its low in September, according to Brave New Coin’s DOGE Price Index. Many Crypto analysts are eagerly hoping that DOGE could reach $1, a milestone that has become a popular topic of discussion.

“Dogecoin’s nearing $1! We’re at 40 cents now, while others host Bitcoin $100K watch parties, so let’s enjoy a Dogecoin $1 watch party, “ said crypto analyst Kriss Pax.

DOGE – The Best Altcoin To Buy Now?

Dogecoin’s rally mirrors the impressive gains seen by Bitcoin, which is setting records of its own as it nears the $100,000 threshold. Historically, the two cryptocurrencies have shown a close correlation, often moving in tandem. Data from IntoTheBlock highlights this relationship, revealing a high correlation coefficient of 0.98 between the two. This suggests that as Bitcoin rises, Dogecoin could continue its bullish trend.

Source: IntoTheBlock

Analysts are optimistic that Dogecoin’s recent surge is only the beginning. Technical indicators show that DOGE is poised for further gains if Bitcoin hits the $100,000 mark as expected. Bitcoin has recently broken through key resistance levels, and its cup and handle pattern suggests that a jump to $100,000 is likely. As this plays out, DOGE’s price could follow suit, benefiting from Bitcoin’s record-breaking move.

Source: TradingView

On the charts, Dogecoin has made notable progress, crossing significant resistance levels. It recently broke above $0.2278, its March 2023 high, invalidating a previous double-top pattern. Additionally, the coin has formed a golden cross pattern, with the 50-week and 200-week moving averages crossing, indicating a potential long-term bullish trend. With the 50% Fibonacci retracement level at $0.03715 now well behind, traders are watching closely for the next move.

RSI at 85: Overbought Alert

Dogecoin’s performance has caught the attention of investors and analysts alike. On the technical front, the Relative Strength Index (RSI) stands at 85, a highly overbought condition. This suggests that while the coin is in a strong position. If the buying pressure subsides, a short-term pullback could be in the cards.

The 9-EMA is currently above the 21-EMA, signalling that the trend is upward. While there has yet to be a confirmed crossover, the signs are positive for traders looking to jump on the momentum. If DOGE maintains its bullish pattern, the next target could be $0.7400, which is an all-time high. This would represent a potential 85% gain from its current levels. But if DOGE drops below $0.2278, the bullish outlook could be invalidated.

Analysts pointed out that Dogecoin is largely driven by market sentiment and hype. President elect Trump’s announcement of the Department Of Government Efficiency (DOGE) to be headed by Elon Musk being a case in point. Crypto analyst Ali Martinez highlighted DOGE’s track of the 2017 and 2020 bull run. Martinez noted that after steep price spikes, Dogecoin has historically seen short-term pullbacks before resuming its rally. This cycle could repeat in 2024, as Dogecoin’s market behaviour suggests the potential for more fluctuations.

“Dogecoin $DOGE is going to test your patience in this parabolic run! Just like in 2017 & 2020, we got a sell signal from TD, anticipating a brief correction before the bull rally continued,” said Martinez.

DOGE Eyes $1- $1.69 Target

With Bitcoin nearing $100,000, some analysts believe Dogecoin is gearing up for a major breakout. “Dogecoin has been consolidating near resistance levels, forming a robust ascending triangle—a classic bullish pattern,” said another crypto analyst, Play Some. This pattern, combined with increasing trading volume and a series of higher lows, signals that Dogecoin could be preparing for a breakout toward $1.

In support of DOGE’s bullish momentum, crypto expert Noodles believes that DOGE could see an even more significant surge, projecting a price target of $1.69. This optimistic view aligns with growing confidence in the coin’s potential, particularly if meme-coin enthusiasm continues to grow alongside broader cryptocurrency adoption.

Source: Noodles

Dogecoin’s trading volume has recently surged, reflecting a rise in retail participation. Similar patterns emerged in May 2021 and January 2023, when increased retail trader involvement resulted in price declines. This phenomenon, driven by the Fear of Missing Out (FOMO), often triggers rapid sell-offs or market manipulation. However, the uptick in retail activity also signals heightened enthusiasm for Dogecoin, which reached an all-time high in November 2024 for total trades across exchanges.

Source: CryptoQuant

So is DOGE the best altcoin to buy now? Nobody knows for sure – but you’d be brave to bet against it.