Amid the ongoing post-election cryptocurrency rally, Dogecoin (DOGE) has breached key resistance levels, with the next anticipated target at $0.50.
Reaching the $0.50 level is crucial, as it is considered a key support level that could allow the coveted $1 target to be claimed.
To this end, an artificial intelligence (AI) tool has offered insights into when this target might be achieved.
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Finbold consulted OpenAI’s ChatGPT-4o to determine when DOGE might hit the next key target of $0.50. According to the AI tool, Dogecoin reaching $0.50 looks achievable, with the token currently about 35% away from this milestone.
ChatGPT-4o’s DOGE price prediction
While acknowledging the inherent volatility of meme coins, ChatGPT suggested that if Dogecoin continues to gain momentum, supported by positive sentiment, particularly around key backers such as Tesla CEO Elon Musk and substantial media coverage, the target could be within reach.
Therefore, ChatGPT foresees DOGE hitting the $0.50 in a matter of weeks. The tool noted that if the current positive momentum remains, DOGE could be trading at $0.50 within the month.
The OpenAI platform outlined the path to this level, noting that DOGE will need to claim the $0.40 mark in the next two weeks and turn it into support to approach $0.50.
Dogecoin price analysis
As of press time, Dogecoin was trading at $0.3858, surging over 9% in the last 24 hours. On the weekly chart, DOGE has surged by 90% as the token builds on optimism surrounding Donald Trump’s re-election.
On the other hand, technical indicators suggest that Dogecoin could be on course to breach $0.50. In an X post on November 13, crypto trading expert Ali Martinez observed that Dogecoin has formed a bull flag pattern, hinting at a possible price breakout.
This pattern typically signals a period of consolidation before a continuation of the prior uptrend, implying that Dogecoin may be poised for further gains.
Martinez noted that if the $0.35 support level holds, Dogecoin could break out by approximately 45%, targeting a price of $0.56.
“On shorter time frames, Dogecoin shows a bull flag. If the $0.35 support level holds, this pattern suggests a potential 45% increase, targeting $0.56,” he said.
Similarly, TradingShot’s analysis pointed out that if Dogecoin maintains its current rally, the next minimum target for the token will be $3.50. The ongoing rally has generally been rewarding for Dogecoin investors, with the number of millionaire holders spiking.
Dogecoin fundamentals
Dogecoin is seeking to build on its recent momentum, as President-elect Donald Trump formally announced the creation of the Department of Government Efficiency, known as “DOGE.”
Following much speculation, Musk and Vivek Ramaswamy, former Republican presidential candidate and co-founder of Strive Asset Management, will lead the department.
It’s worth noting that Musk—who has called himself the ‘Dogefather’—has influenced the token’s valuation. His social media posts about the digital asset frequently spark rallies, and his posts about the “Department of Government Efficiency (D.O.G.E)” have seen the token surge in the past.
Although fundamentals and technical indicators point to a bullish outlook for Dogecoin, the token remains susceptible to short-term pullbacks, considering the relative strength index (RSI) has surpassed 90, signaling overbought conditions.
Featured image via Shutterstock
