Famous cryptocurrency analyst Ali Martinez predicted that a $1 Dogecoin price would become a reality in less than a month. Ali made the prediction on social media platform X, using history as a guide.
Doge is currently undergoing Exceptional upward price movement Many analysts expect this to continue in the coming months. As a result, DOGE reached the $0.2 level for the first time since November 2021. This price increase has sparked renewed interest and speculation among investors about when the cryptocurrency might finally reach the much-coveted $1 mark.
Dogecoin will reach $1 this cycle
Dogecoin It has grown tremendously Since her early days, K Joke coin The first meme coin in the crypto industry. At the time of writing, DOGE boasts a market cap of $25.28 billion and has always held the crown of largest meme cryptocurrency.
Despite its location Huge following And with strong price growth over the years, DOGE has long eluded the $1 price level, though that is largely due to its huge circulating supply. However, some analysts have predicted that this will change very soon and we could see DOGE hitting a new all-time high very soon.
DOGE market cap currently at $24.9 billion. Chart: TradingView.com
According to the weekly DOGE price chart shared by Martinez, cryptocurrencies are currently going through a pattern that has historically led to higher prices. To be precise, the recent price action shows that DOGE has broken out of a parallel channel that has been in place since 2022. Interestingly, the breakout from the price channel is similar to the previous breakouts in 2017 and 2021.
This may seem strange, but if history is any guide, #Dogecoin DOGE could reach $1 by mid-April! pic.twitter.com/UAgldPcDbh
– Ali (@ali_charts) March 8, 2024
The first time DOGE broke out of a similar parallel channel in 2017, its price rose 5,730% from $0.0003 to hit an all-time high of $0.01758. DOGE went into a similar price channel in 2019 before breaking out in 2021. After the breakout, the memecoin rose 24,000% to reach an all-time high of $0.7316.
If history repeats itself, DOGE's recent breakout from the consolidation on the weekly chart would see the cryptocurrency rise to the $1 mark by mid-April. With DOGE currently trading at $0.1765, a jump to $1 would represent an increase of 470% from the current price level.
What's next for Dogecoin?
Martinez is not the only famous analyst predicting a $1 DOGE price. According to For cryptocurrency analyst KALEO, the possibility of DOGE rising to $1 this cycle is not just a guess.
Data from IntoTheBlock It indicates that DOGE has a strong correlation of 0.97 with Bitcoin, which means that its price action is strongly influenced by the sentiment surrounding Bitcoin. Bitcoin is set to continue rising to its highest levels everwhich may also mean a continuous increase in prices Doug.
At the time of writing, DOGE is trading at $0.1765, up 116% over the past 30 days.
Featured image by Natasha Chebanoo/Pexels, chart from TradingView
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