Dogecoin's (DOGE) price is up 10% on Jan. 17, forming a higher value of $0.42 on the one-day chart. A candle close above $0.40 will signal a strong trend reversal for the memecoin, which has consolidated between $0.45 and $0.30 since Nov. 11. 

Dogecoin to $1? Traders say a 140% DOGE rally could happen before February image 0

Dogecoin 1-day chart. Source: Cointelegraph/TradingView

With the crypto market picking up steam ahead of President-elect Donald Trump’s move back into the White House, traders expect another blitz breakout for DOGE next week.

DOGE is the strongest “dino” coin after Bitcoin and XRP

Daan Crypto, a crypto trader and investor, highlighted that DOGE’s recent price breakout was the result of two accumulation periods between $0.30 and $0.33. At the start of 2025, DOGE registered a swing failure pattern (SFP), which pushed the price below $0.40 again.

Dogecoin to $1? Traders say a 140% DOGE rally could happen before February image 1

Dogecoin analysis by Daan Crypto. Source: X.com

However, the recent retest and recovery above $0.35 has established a strong foundation for Dogecoin to rally further. The trader said,

“This has held stronger on this second flush than most coins, where $BTC , $ETH and many others made new lows on this week's flush, DOGE made a nice higher low and trades back within its local range.”

Additionally, the analyst believes that DOGE has the strongest case as a “dino” coin after BTC and XRP. Dino or normie is a term that gained traction at the end of 2024 when previous bull market crypto assets like XRP (XRP) , Hedera (HBAR) , Cardano (ADA) , Stellar (XLM) , etc., started pumping better than newer narrative tokens. Dogecoin realized a similar breakout of 222% in two weeks in November 2024.

Market interest is starting to flood again, as data from Santiment highlighted a $200 million purchase from DOGE whales over the past 48 hours.

Dogecoin to $1? Traders say a 140% DOGE rally could happen before February image 2

DOGE whales allocation increase. Source: X.com

Related: Why is Dogecoin (DOGE) price up today?

There’s a 60% chance DOGE hits $1 before February

With palpable momentum brewing in the markets, WSB Trader, an anonymous crypto commenter, said that the memecoin had more than a 60% chance to hit $1 before the end of January. The trader added,

“Don't fade the richest man on the planet, Elon Musk and the most powerful man on the planet, US President Donald Trump.”

Likewise, Johnny, a crypto investor,  told his 785K followers that retail may have a similar impact on DOGE as they had on XRP. The investor believed that once the memecoin starts trending, it will trend “hard again” and it will hit its psychological level at $1.

Dogecoin to $1? Traders say a 140% DOGE rally could happen before February image 3

Dogecoin 3-day chart analysis by Mikybull. Source: X.com

Mikybull, a technical analyst, also shared a similar outlook after the crypto asset breached a bullish pennant, as illustrated above. A similar price target of $1 was expected following the pattern break.

Related: XRP’s 2017 playbook hints at 100% rally vs Bitcoin by March

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.