DOGE to $1: Analyst Predicts Dogecoin's Wild Breakout Scenario

In recent weeks, the price of dog-themed cryptocurrency Dogecoin (DOGE) has increased. Dogecoin was trading at $0.169 at the time of writing, up 9.78% over the previous 24 hours. The dog coin is also currently up about 40% weekly.

With its recent price spike, crypto analyst Ali makes a bold prediction about DOGE's price: Dogecoin could rise to $1 by mid-April if historical patterns are any indication.

"This may sound wild, but if history is any guide, Dogecoin DOGE could hit $1 by mid-April," Ali stated in a post on X. To back up his statement, he presented a chart of Dogecoin's past price movements and trends.

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

Based on the chart, Ali observed similarities between Dogecoin's current price pattern and those of its prior bull markets in 2017 and 2021, during which Dogecoin experienced enormous price jumps following major periods of consolidation.

For every major price rally, there is usually a period of range trading in which the market stabilizes before the next leg up.

If this scenario is confirmed, Ali believes that Dogecoin might see a parabolic breakout in mid-April and surpass $1, representing an astounding 525% rise from Dogecoin's current price of roughly $0.17.

Dogecoin price action

Dogecoin's price has steadily risen from a low of $0.09 since Feb. 26. The surge lifted the DOGE price above the $0.20 resistance on March 5, but bulls were unable to sustain the breakout owing to profit-taking.

The bulls are once again trying to keep the price above $0.17, with Dogecoin hitting intraday highs of $0.172 at press time.

If buyers maintain the price above $0.17, Dogecoin could gradually retest its local peak of $0.20. A break and close above this level may indicate the start of the second leg of the uptrend to $0.30.

In contrast, if the price falls from current levels, Dogecoin may fall to the 0.12 support level, where buyers are likely to enter.