Dogecoin Surges 12% and Tests Key Resistance Zone
Dogecoin (DOGE) has experienced a surge of 12% in the last 24 hours, making it the best-performing cryptocurrency among the top 10. Currently trading at $0.10, DOGE is testing a crucial resistance zone that could lead to higher prices if broken.
Analyst Jake Wujastyk is closely monitoring this development. In a recent analysis on Twitter, Wujastyk shared his price target of $0.10 for DOGE, which has now been reached.
Can Dogecoin Reach $1?
In a subsequent tweet, Wujastyk set a new target of $0.19 per coin for DOGE. According to him, achieving this price level is possible if the cryptocurrency “launches off the volume shelf here.”
If DOGE were to rally to $0.19, it would represent an 80% gain from its current position and result in a market cap of $27 billion based on its circulating supply.
While reaching $1 per DOGE is still a possibility, it becomes more challenging over time due to the high supply inflation that affects the cryptocurrency’s price projections.
Hot Take: Dogecoin’s Growth Potential
Although Dogecoin has shown significant growth and potential, its path to $1 may become increasingly difficult due to supply inflation. However, if DOGE were to reach its all-time high capitalization from May 2021, it could trade at $0.69 according to Finbold’s report on November 29.
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