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
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Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.