Dogecoin (DOGE) Surge Mirrors Bitcoin’s Milestone, Analysts Predict $1 Target

Multiple analysts have uncovered a bullish formation that could fuel DOGE's move to $1. Meanwhile, another analyst tips the asset to reach between $3.95 and $23.26 in this cycle. An analyst who spotted the formation of a bullish pattern hints that the asset consolidated for 24 days during the previous cycle before "taking off." Dogecoin (DOGE) is currently down by 5.9% on the 24-hour price chart, declining from the daily high of $0.45 to peg at $0.42 at press time. Renowned analyst Rekt Capital has hinted that the asset could be in line to hit $1 in the near term. Analyzing his thesis, we observed that Dogecoin is imitating the Bitcoin (BTC) price behavior. According to Rekt Capital, the meme-themed coin is retesting the top of an Ascending Triangle pattern and turning it into support. Meanwhile, another analyst, Trader Tardig, has pointed out that DOGE has broken out of a Symmetrical Triangle pattern. Per his analysis, the asset could soon secure the $0.55 mark. Assessing a chart posted by TradingView, it was observed that DOGE is about to embark on another bull run. The 12-hour chart showed a consolidation of a bullish pennant pattern. According to the analysis, DOGE could target $1 in the next breakout. Earlier, an independent analyst, Mikybull, also disclosed the formation of a falling wedge pattern, forming a bullish confluence with an on-balance volume indicator. For analyst Ali Martinez, DOGE could finish the cycle between $3.95 to $23.26. Another Analyst Joins the DOGE Discussion as On-Chain Activities Shows Bullish Outlook Amid these bullish trends, whales have progressively increased their activities over the past few days. Santiment data shows that addresses with between $100,000 and $1 million have collectively accumulated more than 240 million DOGE tokens. Looking into other data, we observed that the asset's Open Interest (OI) reached an all-time high of $4.05 billion on November 24. However, this has steadily declined to reach $3.48 billion. Comparing the current cycle to the previous one, an analyst identified as Kevin pointed out that DOGE consolidated for 24 days before embarking on what he describes as a "macro golden pocket." In this case, a move from the current phase could see the asset hitting between $3.80 and $4.00. For now, Kevin believes that DOGE is testing a major trend line of support on the daily Relative Strength Index (RSI). A break below the current position could see the DOGE falling below $0.40. In any case, the analyst believes that the price could be saved if Bitcoin legs up.