Can Elon Musk’s darling rise 800% and reach $1.00?

The price of Dogecoin (DOGE) has recently faced a drop and trend reversal. The memecoin opened higher on Friday (30) after Elon Musk won a lawsuit over market manipulation. However, the price soon fell 3%, causing DOGE to reach US$ 0.09.

Despite persistent bearish pressures that reflect broader market challenges, DOGE is now moving toward a stabilization phase. However, several traders expect DOGE to reach $1.00, which would represent a year-to-date rally of nearly 800%. Is such a move possible?

DOGE surges as Musk wins lawsuit

As reported by Todaysgist, Elon Musk and Tesla were acquitted in a class action lawsuit demanding compensation of US$ 258 billion. The group of investors alleged that the billionaire manipulated the cryptocurrency market involving DOGE, but the judge acquitted Musk.

The court ruled that Musk’s alleged manipulative statements were not misleading and that investors should not rely on such remarks for investment decisions.

Over the past 24 hours, the price of Dogecoin has fluctuated, reaching a low of $0.09854 and a high of $0.1025. The verdict of the lawsuit brought great volatility to the market and reflected in a greater drop in DOGE.

Technical indicators for DOGE suggest a mixed outlook, with the Relative Strength Index (RSI) hovering around the neutral zone, meaning the market is neither overbought nor oversold.

On the other hand, the Moving Average Convergence Divergence (MACD) shows signs of a potential bearishness, which could signal a downward trend. In addition, other data reinforces the chance of a fall in DOGE.

$1 in 2024?

Recent data from Santiment reveals a significant decline in Dogecoin’s whale transaction count and social volume over the past few months. Both of these indicators point to a waning interest in the memecoin, which is contributing to a cooling market.

The chart highlights a notable drop in whale transactions above $100,000 and a corresponding decrease in social media discussions. This decline comes despite an explosion of mentions of various memecoins coming from networks like X.

Decreasing whale activity could suggest that major investors are unloading their positions or opting not to make new purchases. Coupled with lower social volume, this could reduce overall market sentiment and demand for DOGE, negatively impacting its price in the short to medium term.

However, a potential resurgence in the uptrend could push the DOGE price prediction above the $0.15 mark. If this threshold is crossed, it could pave the way for a rally towards $0.30.

With increasing bullish pressure, breaking above the $0.50 level could significantly change Dogecoin’s typical trading patterns. Such a breakthrough could take the price to $1, marking an 807% increase.

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