Emily Walker
The price trends of Dogecoin continue to be widely debated among crypto enthusiasts on social networks. A prominent analyst has pointed out a significant breakout pattern, suggesting that DOGE could ultimately reach the $1 mark. Analyst Lucky (@LLuciano_BTC) recently expressed his optimistic view to his 2.2 million followers on X, claiming that hitting the $1 target is just a question of when, not if.
Indications of Strong Upward Trend
While Dogecoin has demonstrated periods of strong bullish activity, it has yet to exceed its peak of $0.7316 during this cycle. Despite this, many supporters remain hopeful for a breakthrough past the $1 milestone later in the current bullish period. Interestingly, Dogecoin hasn’t yet surpassed $0.5, which is seen as halfway to the desired $1 target. Nevertheless, Analyst Lucky believes it’s only a matter of time before DOGE achieves $1.
Lucky’s assurance comes from a technical setup observed in Dogecoin’s price chart. He recently highlighted a bull flag pattern on the daily candlestick chart, marking that this formation has been developing since November 2024, demonstrating a long-term trend.
The pattern initiated with a robust surge in mid-November, peaking at $0.484 in early December before encountering resistance. Following this, the price has entered the flag phase, which is characterized by corrections and rebounds along the flag’s trendlines.
An emerging bull flag typically signals the potential for further upward movement, particularly in bullish market scenarios. A successful breakout from this pattern with sufficient volume could pave the way for a significant rally towards new multi-year highs. Lucky noted that the upcoming surge could be “epic” as DOGE continues to build momentum.
Is $1 a Realistic Goal for Dogecoin?
Aiming for the $1 mark would be a remarkable achievement for Dogecoin, similar to Bitcoin making its first leap above $100,000. Currently, the meme coin is priced at $0.3289, with a market capitalization of $48.6 billion. Reaching $1 would elevate its total market cap to approximately $147.8 billion.
Though some may view this goal as lofty due to Dogecoin’s status as a meme coin, analytics indicate that a $1 valuation is certainly attainable. The coin would require a few catalysts to realize this. One such catalyst could be the introduction of a Dogecoin ETF, which might replicate the positive impact seen with Bitcoin. If such an ETF were greenlit, a Dogecoin ETF could significantly boost investments and maintain buying pressure. Furthermore, greater utility for Dogecoin, like potential official payment options on major platforms such as X, could enhance its growth.
Ultimately, Dogecoin hitting $1 is merely a matter of time. However, it’s also plausible that once DOGE reaches this milestone, it could stabilize around that price similarly to how Bitcoin behaves around $100,000.