Dogecoin Price Prediction as DOGE Blasts Up 29% in One Week – $1 Incoming?
Dogecoin price predictions remain bullish on Thursday, despite a slight pullback from multi-week highs printed earlier this week. DOGE, the native token that powers the Dogecoin blockchain, twice tried to poke above $0.11 on Wednesday, with the cryptocurrency boosted in tandem with broader cryptocurrency markets and traditional risk assets like US stocks, which benefitted from a more dovish than expected message from the chairman of the US Federal Reserve Jerome Powell on the pace of further rate hikes.
The bulls are taking a breather for now, with Dogecoin back to trading just under $0.1050 and down about 2.0% on the day, as per TradingView. But Dogecoin’s technicals are still looking positive, with DOGE/USD still in an uptrend since the cryptocurrency’s double bottom in the $0.07s printed earlier this month. The cryptocurrency is arguably in the process of forming an ascending triangle, with resistance currently in play in the upper $0.10s/$0.11 area.
Ascending triangle patterns are typically viewed as sign that the market is consolidating ahead of a bullish breakout. If Dogecoin can muster a sustained push above the $0.11 area, this could open the door to a rapid rally towards early November pre-FTX collapse highs in the $0.16 area. Dogecoin is already trading higher by about 29% versus its levels one week ago, according to CoinMarketCap. A rally to the early December highs in the $0.16 area would mark a further 50% gain from current levels.
With Dogecoin back above $0.10, supporters are once again asking whether Dogecoin can conquer its next major psychologically important level, the $1.0 mark. The cryptocurrency surged in late October/early November on speculation that billionaire and Twitter owner Elon Musk, who is a
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