Popular crypto analyst Ali Martinez has predicted a $1 Dogecoin price could become a reality in less than a month. Ali made this prediction known on social media platform X, calling on history as a guide.
Doge is currently undergoing exceptional bullish price action and many analysts expect this to continue into 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 crypto might finally hit the much-coveted $1 mark.
Dogecoin To Reach $1 This Cycle
Dogecoin has grown exponentially from its early days as a joke currency and 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 retained the crown of the largest meme cryptocurrency.
Despite its huge following and strong price growth over the years, DOGE has always eluded the $1 price level, although largely due to its huge circulating supply. However, some analysts have predicted this could change very soon and we could see DOGE registering a new all-time high very soon.
DOGE market cap currently at $24.9 billion. Chart: TradingView.com
According to a weekly DOGE price chart shared by Martinez, the crypto is currently undergoing a pattern that has historically led to price surges. To be precise, recent price action shows DOGE has broken out of a parallel channel that has lingered since 2022. Interestingly, the breakout from a price channel resembles that of previous breakouts in 2017 and 2021.
This may sound wild, but if history is any guide, #Dogecoin $DOGE could hit $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, it went on a 5,730% price surge from $0.0003 to register an all-time high of $0.01758. DOGE went on a similar price channel in 2019 before breaking out in 2021. After breaking out, the meme coin went on a 24,000% surge to reach its current all-time high of $0.7316.
If history were to repeat itself, DOGE’s recent breakout from consolidation on the weekly chart would see the crypto surging to the $1 mark by mid-April. With DOGE currently trading at $0.1765, a leap to $1 would represent a 470% increase from the current price level.
What’s Next For Dogecoin?
Martinez isn’t the only popular analyst predicting a $1 DOGE price. According to crypto analyst KALEO, the possibility of DOGE spiking to $1 this cycle is not merely speculative.
Data from IntoTheBlock indicates DOGE has a strong 0.97 correlation with Bitcoin, meaning its price movement is strongly influenced by sentiment around Bitcoin. Bitcoin is set to keep surging to new all-time highs, which could also mean a continued price increase for DOGE.
At the time of writing, DOGE is trading at $0.1765, up by 116% in the past 30 days.
Featured image from Natasha Chebanoo/Pexels, chart from TradingView