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Dogecoin price prediction; Can DOGE reach $1?

Dogecoin price prediction; Can DOGE reach $1?

Dogecoin (DOGE) is celebrating a decade of existence on December 6, 2023. In this context, DOGE is the best performer of the day among the top 10 cryptocurrencies, surging by 12% in the last 24 hours.

Meanwhile, Dogecoin is trading at $0.10, testing a key resistance zone, of which a breakout could leverage higher prices.

DOGE 1-day price chart. Source: Finbold

Notably, the stock and crypto market analyst Jake Wujastyk is monitoring this key point. Wujastyk shared an analysis for DOGE on X (formerly Twitter), with his price target hit at $0.10.

Can Dogecoin reach $1

In a following post, 10 minutes after the former, Jake Wujastyk sets a new target at $0.19 per coin. Particularly, these prices are reachable if it “launches off the volume shelf here,” in the analyst’s words.

A bull rally to $0.19 would mean 80% gains from the current zone to a $27 billion market cap, considering DOGE’s circulating supply at the time of publication.

DOGE/USD on Kraken, monthly chart. Source: TradingView

Interestingly, a move to $1 per DOGE is still on the table, which would put Dogecoin at a $142 billion growing capitalization. For comparison, Tether USD (USDT) and Ethereum (ETH) currently have a $90 billion and $270 billion market cap, respectively.

However, the longer it takes, the harder it will be for Dogecoin to reach $1. This is due to the high supply inflation that DOGE is subject to, which impacts its price projections.

In this context, Finbold reported on November 29 that Dogecoin would trade at $0.69 if it ever reaches its all-time high capitalization from May 2021.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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