Dogecoin on Track for $1? Analysts Predict 140% Rally Before February

Dogecoin (DOGE) has been attracting significant attention recently, with traders forecasting a potential 140% rally that could see the memecoin hit $1 before the end of January. As of January 17, DOGE’s price surged by 10%, reaching a high of $0.42. A close above the $0.40 mark is seen as a key indicator of a strong trend reversal, potentially signaling the start of a bullish breakout for the popular digital asset.

Strong Momentum Building Ahead of Key Milestones

DOGE has been consolidating within the $0.30 to $0.45 range since November 2024, but recent price action suggests that a breakout is on the horizon. Analysts point to the recent upward movement as a sign of growing bullish momentum, particularly as the broader crypto market gains steam ahead of President-elect Donald Trump’s return to the White House. Traders expect DOGE to see another significant rally next week, driven by renewed market interest and key catalysts.

Dogecoin's Price Action and Accumulation Phase

Crypto trader and investor Daan Crypto highlighted that DOGE's recent breakout was the result of two accumulation periods between $0.30 and $0.33. In early 2025, DOGE experienced a brief swing failure pattern (SFP), which caused the price to dip below $0.40. However, the subsequent recovery above $0.35 has created a solid foundation for further upward movement. Daan Crypto noted that DOGE has held up stronger than many other assets during recent market fluctuations, with Bitcoin (BTC) and Ethereum (ETH) both making new lows while DOGE managed to make a higher low and stabilize within its local range.

This resilience has bolstered DOGE’s position among the so-called “dino” coins—older, established digital assets that have outperformed newer, narrative-driven tokens in recent months. Alongside Bitcoin and XRP, Dogecoin is emerging as one of the strongest assets in this group. In fact, DOGE’s price saw an explosive 222% surge in just two weeks in November 2024, underscoring its potential for significant gains.

Whale Activity and Market Sentiment

Interest in DOGE is picking up once again, with data from blockchain analytics platform Santiment revealing a $200 million purchase by DOGE whales over the past 48 hours. This surge in whale activity suggests that large investors are positioning themselves for another potential breakout, fueling optimism among retail traders.

Some analysts are predicting that DOGE could hit the psychologically significant $1 mark before the end of January. According to WSB Trader, an anonymous crypto commenter, there is more than a 60% chance that DOGE will reach $1 before January 31. The trader emphasized the influence of key figures like Elon Musk and President Donald Trump, both of whom have been strong proponents of Dogecoin. Musk, in particular, has been a vocal supporter of DOGE, and his influence could play a significant role in driving the asset’s price higher.

The Role of Retail Investors

Retail traders are also expected to have a significant impact on DOGE’s price trajectory. Johnny, a crypto investor with 785K followers, believes that once DOGE gains momentum and starts trending, it will experience a rapid surge similar to the one seen with XRP in 2024. Retail interest has historically been a major driving force behind Dogecoin’s price movements, and many investors are optimistic that the memecoin could once again capture the public’s attention and hit the $1 milestone.

Technical analysts are also bullish on DOGE’s prospects. Mikybull, a well-known technical analyst, pointed out that DOGE recently broke out of a bullish pennant formation, which is often seen as a precursor to a strong price rally. Following the pattern breakout, analysts are forecasting a price target of $1 for the memecoin.

Conclusion

With strong momentum building and key technical indicators signaling a potential breakout, Dogecoin is poised for a significant price move in the coming weeks. Analysts are predicting that DOGE could surge by as much as 140% and reach the psychological $1 mark before the end of January. As the crypto market heats up and major players like Elon Musk and Donald Trump continue to support the asset, Dogecoin’s prospects look promising. However, as always in the volatile world of cryptocurrencies, traders should exercise caution and stay vigilant as the market continues to evolve.