On January 17, Dogecoin's price surged by 10%, reaching $0.42. A closing candle above $0.40 could indicate a strong trend reversal for the cryptocurrency, which has experienced consolidation between $0.30 and $0.45 since November 11. Analysts predict that with increasing market momentum, especially ahead of political changes involving President-elect Donald Trump, DOGE could see significant gains soon. Notably, a trader, Daan Crypto, identified two accumulation phases and highlighted a bullish trend following a recent recovery above $0.35. Additionally, trading dynamics suggest a 60% likelihood of DOGE hitting $1 by the end of January, driven by retail interests that could mirror past trends seen with other cryptos like XRP. Technical analysts anticipate a bullish pennant could push DOGE towards the psychological $1 mark.

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