Dogecoin has “historical heritage” but whether it hits a one-dollar price target is still a risky bet.
Expert Forecasts 700% Growth For Dogecoin (DOGE) As It Sets Sights On $1 Target
Dogecoin (DOGE), the popular meme-based cryptocurrency, has demonstrated its resilience in the market with a 2.5% price increase over the past 24 hours, reaching a trading price of $0.1607.
Analysts, including Altcoin Sherpa and Ali Martinez, have recently shared optimistic predictions for DOGE’s future, suggesting further gains and potential for outperformance compared to other tokens.
A Strong Future For Dogecoin In 2024?
Over the past months, DOGE has closely followed Bitcoin’s price action, experiencing ups and downs in tandem with the market leader.
On March 28, DOGE reached its yearly high of $0.2292, solidifying its position as the 9th largest cryptocurrency with nearly 100% year-to-date growth. Despite the volatility, DOGE has demonstrated its ability to rebound and attract investor attention.
Market expert Altcoin Sherpa recently expressed optimism about DOGE’s future, stating that the coin is poised for strength in 2024.
Altcoin Sherpa recommended averaging between $0.12 and $0.14, emphasizing DOGE’s potential to outperform other tokens.
The analyst highlighted DOGE’s previous consolidation phase, lasting almost two years, and suggested that it is primed for a significant price surge in the future. Sherpa stated:
DOGE is looking good. I strongly feel like this is going to be a strong coin for 2024. I think averaging between $.12 and $.14 would be a solid play and this one should outperform many other tokens for a lot of reasons. It chopped for almost 2 years, it’s going to moon later.
700% Price Uptrend Toward $1
On the other hand, crypto analyst Ali Martinez has also shared a bullish prediction for DOGE, noting the coin’s recurring price patterns.
Martinez pointed out that DOGE consolidates after breaking out of a descending triangle formation. Based on historical trends, the analyst believes that DOGE has the potential to rally towards $1 in the coming weeks, which would represent a staggering 700% uptrend in price from current levels, surpassing the cryptocurrency’s current all-time high of $0.7316, reached in May 2021.
Despite Martinez’s optimistic outlook, Dogecoin faces several resistance levels that have impeded its recovery after a 21% price decline in the past two weeks.
The meme coin encounters a significant obstacle at the $0.1633 price level, as depicted in the DOGE/USD daily chart above. This level has acted as a barrier for the past 10 days, hindering further upward movement.
In its journey towards the $0.200 mark, DOGE may encounter additional hurdles at $0.1739, $0.1938, and $0.1998. These resistance levels must be overcome before the cryptocurrency can potentially retest its all-time high.
It is important to note that Bitcoin’s performance will likely influence Dogecoin’s price movement in the coming weeks. In addition, Dogecoin’s overall trajectory through the end of 2024 remains uncertain as it depends on the potential for a bullish breakout and various market factors.
Featured image from Shutterstock, chart from TradingView.com
Dogecoin Could Hit $1 If History Repeats, Analyst Reveals When
An analyst has explained that Dogecoin may be able to hit $1 if history repeats for it. Here’s when exactly this could happen for DOGE.
Dogecoin Has Been Breaking Out Of A Parallel Channel Recently
In a new post on X, analyst Ali has discussed a potential outcome for Dogecoin based on the historical pattern. Below is the chart for the weekly price of the memecoin shared by the analyst, which reveals a similar-seeming pattern that the asset has followed over the years.
As Ali has highlighted in the chart, before both of its previous two major bull runs, Dogecoin’s weekly price consolidated inside a specific parallel channel for a notable amount of time.
The “parallel channel” here refers to a pattern in technical analysis (TA) made up of two parallel trendlines inside which the price of the asset consolidates. Parallel channels can be of different types, like ascending and descending ones, but in the context of the current discussion, channels parallel to the time axis are relevant.
The upper trendline in such a pattern is drawn by joining together tops, while the lower line connects bottoms. When the price retests either of these lines, a reversal is more probable.
This means that a retest of the upper line could break the uptrend and cause the asset to go through a drawdown. Similarly, the lower line may be a source of support and help the price reverse itself back up.
However, a break out of either of these lines can imply a continuation of the trend in that direction. The graph shows that when the weekly price of Dogecoin saw breakouts like this out of the respective consolidation channels the last two times, it went through bull rallies.
In the past couple of years, it would appear that DOGE has once again gone through a similar period of consolidation as those previous two, and recently, the coin has been breaking out.
Ali has marked a potential trajectory that Dogecoin could follow in the chart based on the precedent set by these last two bull runs. “This may sound wild, but if history is any guide, Dogecoin $DOGE could hit $1 by mid-April!” says the analyst.
From the current cryptocurrency price, such a run would suggest an increase of more than 488% for the memecoin in less than a month and a half. Obviously, a rally like this would be super impressive if it ends up playing out like this.
It remains to be seen what trajectory Dogecoin follows now that it has seemingly broken free of its long parallel consolidation channel.
DOGE Price
When writing, Dogecoin is trading around $0.17, up 36% in the past week.
