Price Analysis

Will DOGE Price Hit $1 in 2024?

DOGE price faces a pivotal year after recent legal victories and market challenges. Can it surpass its previous highs amid fluctuating investor interest?
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Will DOGE Price Hit $1 in 2024?

Highlights

  • DOGE price reacts as Musk wins a significant lawsuit involving Tesla.
  • The technical indicators show mixed signals, hinting at future volatility.
  • Dogecoin whale transactions decline, potentially dampening future price surges.

Dogecoin (DOGE) price, a meme-based cryptocurrency, has recently faced a downturn. Despite persistent bearish pressures mirroring broader market challenges, the coin is now moving toward a stabilization phase. However, with the current market corrections, Dogecoin has the potential to achieve further gains in the near future.

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DOGE Price Fluctuates as Musk Wins Lawsuit

Elon Musk and Tesla have been acquitted in a $258 billion class-action lawsuit alleging cryptocurrency market manipulation involving Dogecoin. The court ruled that Musk’s statements were not misleading and that investors should not rely on such remarks for investment decisions. 

Following the verdict, the DOGE experienced a slight price drop. Despite this, the outcome marks a significant legal victory for Musk and Tesla, reinforcing their reputations amid ongoing scrutiny of cryptocurrency markets.

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Dogecoin Price Eyeing New Highs Amid Bearish Trend

Over the past 24 hours, the Dogecoin price has experienced fluctuations, reaching a low of $0.09854 and a high of $0.1025, indicating the volatility typical of the cryptocurrency market. At the time of writing, the DOGE price hovered at $0.1015, reflecting a 0.60% increase on the day.

The technical indicators for DOGE suggest a mixed outlook. The Relative Strength Index (RSI) hovers around the neutral zone, indicating that the market is neither overbought nor oversold. The Moving Average Convergence Divergence (MACD) shows signs of a potential bearish, which could signal a downward trend.

DOGE Price Chart| Source: TradingView

Recent data from Santiment reveals a significant decline in Dogecoin’s whale transaction count and social volume over the past few months. The chart highlights a notable drop in whale transactions above $100,000 USD and a corresponding decrease in social media discussions.

The dwindling whale activity might suggest that major holders are either offloading their positions or choosing not to engage heavily in the market. Coupled with the lower social volume, this could reduce the overall market sentiment and demand for Dogecoin, which might negatively impact its price in the short to medium term. 

As these trends continue, the price of DOGE price could experience downward pressure unless there is a resurgence in whale transactions or a significant increase in social engagement around the cryptocurrency.

Source- Santiment

A potential resurgence in bullish momentum might push the Dogecoin price forecast above the $0.15 mark. If this threshold is crossed, it could pave the way for a rally toward $0.30. With increased bullish pressure, surpassing the $0.50 level might significantly shift Dogecoin’s typical trading patterns. Such a breakthrough could drive the price toward $1, marking an 807% increase.

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Frequently Asked Questions

What could drive DOGE price upward?

A resurgence in bullish momentum, increased whale transactions, or heightened social media interest could potentially push DOGE price higher.

What price levels could DOGE achieve with increased bullish pressure?

Bullish momentum could first push DOGE to $0.15, potentially paving the way for a rally toward $0.30 and beyond.

Is it possible for DOGE to reach $1 in 2024?

While it's possible, achieving $1 would require a 807% increase from current levels, challenging its all-time high from three years ago.
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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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