According to well-known cryptocurrency expert Ali Martinez, a $1 Dogecoin price might materialise in less than a month. Ali announced this forecast on social networking platform X, citing historical precedent as support.
Many analysts believe that Doge’s recent extreme price action will continue over the upcoming months. Consequently, DOGE had its first time above $0.2 since November 2021. The recent surge in price has aroused investor curiosity and conjecture around the anticipated moment when cryptocurrency would attain the highly sought-after $1 threshold.
Dogecoin To Hit $1 Cycle
Since its inception as a joke money and the first meme coin in cryptocurrency, Dogecoin has developed tremendously. With a market valuation of $25.28 billion as of this writing, DOGE holds the title of the biggest meme cryptocurrency.
DOGE has consistently avoided the $1 price level despite having a broad following and experiencing significant price growth over time, primarily because of its enormous circulating supply. Nevertheless, some analysts have indicated that this might quickly alter and that DOGE might soon record a new all-time high.
Martinez presented a weekly DOGE price chart, which shows that the cryptocurrency is currently following a pattern that has traditionally resulted in price increases. More specifically, recent price activity indicates that DOGE has emerged from a parallel channel that has persisted since 2022. It’s interesting to note that the price channel breakout is similar to other 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
When DOGE initially emerged from a parallel channel in 2017, it experienced a 5,730% price increase from $0.0003 to an all-time high of $0.01758. Before breaking out in 2021, DOGE followed a similar price trajectory in 2019. The meme currency experienced a 24,000% increase after bursting into the market, reaching its all-time high of $0.7316.
Might past events repeat themselves? DOGE’s recent weekly chart breakout from consolidation might propel the cryptocurrency above $1 by the middle of April. A jump to $1 would mean a 470% rise in price from DOGE’s current trading level of $0.1765.
What Does Dogecoin Have in Store?
Martinez is not the sole well-known analyst projecting a price of $1 for DOGE. Crypto researcher KALEO asserts that there is more than just conjecture behind DOGE’s potential to spike to $1 during this cycle.
According to IntoTheBlock data, DOGE and Bitcoin have a robust 0.97 correlation, meaning that sentiment surrounding Bitcoin significantly impacts DOGE’s price movement. Though Bitcoin is expected to continue rising to new all-time highs, DOGE’s price may increase.
As of this writing, DOGE has increased in value by 116% over the previous 30 days to $0.1765.
