Dogecoin Explodes For 12% Gain: Why Is DOGE Going Up?

Dogecoin DOGE/USD is skyrocketing in Friday’s trading session, with its 12% price increase sparking bullish predictions from crypto analysts.

The apex meme coin outperformed its biggest rivals, leading the meme coin market as Bitcoin powered back above $98,000.

Cryptocurrency	Price	24-Hour-Performance
Dogecoin DOGE/USD	$0.381	+12.4%
Shiba Inu SHIB/USD	$0.00002421	+5.8%
Pepe PEPE/USD	$0.00002161	+5.8%

Trader Notes: Crypto trader Javon Marks noted Dogecoin's impressive momentum, targeting an initial price of $0.6533—a 75% increase.

Should DOGE surpass this level, Marks predicts the rally could extend to $1.20 or higher, representing a potential 234% gain.

Trader Tardigrade suggests DOGE has hit a local bottom, signalling potential new highs.

Technical analyst Kevin emphasized the strength of DOGE on the DOGE/BTC chart.

He cited technical validations, including a successful retest of the macro golden pocket, strong demand support, and sustained positioning above the 100 EMA and 200 EMA on daily candles.

Kevin urged his followers to monitor these data points closely as momentum builds for further gains.

Beautiful call on the #DOGE vs #BTC chart. The signs were all there. We successfully back tested macro golden pocket with demand coming in and also 200 ema while never losing the 100 ema on daily candles. Naturally we were going to head higher. Now the key is to continue… https://t.co/3RPcP7XDkH pic.twitter.com/0I1M0Cjzoa
— Kevin (@Kev_Capital_TA) January 3, 2025

Also Read: Dogecoin, Shiba Inu Redefine Meme Coin Phenomenon That ‘Extends Beyond Mere Speculation’: Report

Chart analyst Ali Martinez highlighted whale activity, revealing that over 1.08 billion DOGE was purchased in the past 24 hours. This spike in large transactions has sparked curiosity about potential upcoming price momentum.