Will Dogecoin Price Break $1.30? Analysts Predict Major Surge

Dogecoin Price Predictions

Dogecoin has experienced a 198.3% price increase over the past year, demonstrating its resilience. However, a recent 31.2% decrease has raised concerns among investors.

Predictions of a Bullish Trajectory

Analysts predict that Dogecoin will maintain a bullish trajectory. Historical data suggests that Dogecoin enters a consolidation phase before significant price increases. The current market decline may be a short-term trading pattern that drives prices upward. The broader cryptocurrency market's current uptrend may also support Dogecoin's price movement.

Analyst Predicts Breakout over $1.30

Market analyst Trader Tardigrade has identified a pattern that suggests an upcoming breakout. He notes that the meme coin market trend is currently in a "Boring Phase," similar to the market patterns that preceded Dogecoin's 15-fold rise in 2017. Tardigrade predicts that Dogecoin will surpass $1.30 after March 2025, potentially signaling the start of another bull run.

Elliott Wave Analysis Points to a Potential $6.08 High

Elliott Wave analysis indicates that Dogecoin is forming a five-wave pattern, suggesting a long-term price growth path. Experts predict an extreme market surge, with Dogecoin potentially reaching $1.1293 within the upcoming months. Fibonacci extension analysis suggests that Dogecoin could reach $6.08 in Wave 5.

Current Market Position

Dogecoin has historically demonstrated cycles of consolidation and subsequent price increases. Analysts predict that this pattern will continue in 2025. The recent Golden Cross technical indicator supports a potential uptrend, with a target price of $1.

Current Price and Market Data

As of writing, Dogecoin is trading at $0.24, with a 4% drop in the last 24 hours. Market capitalization stands at $36.2 billion, and the 24-hour trading volume has increased by 77% to $2 billion.