Dogecoin Price Predictions: 3 Key Bullish Signs to Watch

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It doesn’t automatically imply that Dogecoin is experiencing issues this week. In fact, many other major cryptocurrencies saw a substantial drop in value on Monday following a surge in their prices coinciding with the start of the new Congress in Washington.

By late Monday afternoon in Chicago, Bitcoin experienced a decrease of around 10% over the course of the weekly trading period. On the other hand, Ethereum dropped approximately 18% since its typical crypto exchange value a week prior.

On January 6, BNB experienced a decline of approximately 8.5%, while Solana dropped by around 20% from its peak intraday price of $2.21. This downturn occurred as newly elected congressional delegates began their term in office for the current session.

However, the entire crypto market bounced off on Monday morning.

I simply wanted to convey my gratitude towards President @realDonaldTrump and the numerous individuals, whether they’re within or outside of government, who are backing @DOGE.

I am confident that the American people will be happy with the outcome.

— Elon Musk (@elonmusk) January 13, 2025

What probably didn’t hurt Dogecoin’s price on Monday was another implicit shout-out from Elon Musk.

Following the establishment of his advisory role within the new administration, specifically as the Department of Government Efficiency’s (DOGE) head, Elon Musk could combine efforts to advocate for cost-effective governance and Dogecoin in a single social media update. Indeed, such a move demonstrates efficiency at its finest.

1. DOGE Sentiment Data Marks Dip Over?

Based on a study conducted by blockchain data provider Santiment, it appears that public opinion towards Dogecoin, the original meme-based cryptocurrency with its unique blockchain (a spin-off from Bitcoin on December 6, 2013), is generally favorable as of Monday.

In the past month, Dogecoin has experienced a decrease of 28% in its total market value as reported by Santiment in their weekly update to subscribers of their blockchain market analytics tool.

Over the last year, public opinion about cryptocurrencies has been at its least favorable, according to Santiment. This indicates that, should the market for cryptocurrencies start to recover, there could be considerable potential benefits for those who choose to take a bold, counterintuitive stance, particularly with Dogecoin.

A few days ago, Peter Mathers from TradingLounge noticed a possible Elliot Wave pattern that might cause Dogecoin to increase beyond $0.48, even possibly reaching $0.61, according to his comments made on January 6th.

2. Bullish Exchange Signals

It seems that data from derivatives markets suggests an impending surge in Dogecoin’s price. As we kick off this new month, a staggering 81% of the open positions in Dogecoin futures on Binance are bullish (long) for DOGE.

3. Crypto Whale Sized Bites

Whales bought over 470 million #Dogecoin $DOGE in the last 48 hours!

— Ali (@ali_charts) January 10, 2025

The heightened activity of significant crypto investors, or “whales,” in the Dogecoin market during January could indicate another significant surge for Dogecoin in the cryptocurrency market. In just two days (January 9th and 10th), these large-scale investors reportedly purchased approximately 470 million Dogecoins, as noted by prominent whale watcher Ali Martinez in a recent update.

This January, we’ve seen whales (large investors) make significant transactions in Dogecoin before – as early as the start of the month, they even purchased over a billion Dogecoin tokens within a single day.

In addition to the whale purchases of Dogecoin in late December, it appears that substantial backing from big-money traders remains steady for this cryptocurrency.

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2025-01-14 10:29