Dogecoin (DOGE) has shown signs of life after a 31% recovery in its price, adding $5 billion in value. Despite this, the price remains much lower than its all-time high, down by 76% from the 2021 peak. The question on everyone’s mind is whether DOGE can surge by 445% to hit $1.
For Dogecoin to reach $1, it needs to rally by 445%, creating a cryptocurrency with a market cap close to $150 billion. This milestone is attainable considering other top cryptocurrencies like Bitcoin and Ethereum have surpassed it. With DOGE being the biggest meme coin, a climb to $1 is within reach.
The possibility of DOGE hitting $1 is supported by its history of triple-digit gains and the potential for a Bitcoin-led rally. Dogecoin tends to rally when Bitcoin is in a strong bull run, indicating a correlation between the two. Furthermore, an approval for a spot DOGE ETF by the SEC could attract inflows from Wall Street investors, boosting its value.
The daily chart for DOGE suggests a potential bull run, with patterns indicating a price rebound. A double-bottom pattern at $0.1480 and a falling wedge pattern are signals of a bullish trend. The short-term forecast points towards a target of $0.25, representing a 45% increase from the current level. A confirmation of a surge to $1 will be seen if it surpasses the 2024 and 2021 highs.
In conclusion, while the path to $1 for Dogecoin may take time, all signs point towards a possible rally in the future. Factors such as ETF approval, a broader crypto market rally, and historical price movements suggest that DOGE has the potential to reach the $1 mark. Investors should keep an eye on key levels and patterns to gauge the likelihood of a surge to $1 in the coming months or years.
