In the latest post, an analyst has outlined a potential price path for DOGE to reach an all-time high.

Analyst Says DOGE Could Explode

The pseudonymous analyst Bluntz has indicated that Dogecoin is poised for a new wave of upward movement, as it recently reached a local bottom at $0.339. He has shared a chart indicating that DOGE could surge to a new all-time high of $0.85 before concluding its five-wave rally.

"Nothing has changed, we just had a nice 23% low time frame dip that I'm counting as a wave four within a monster extended wave three impulse."

"Once the next DOGE leg-up starts, it will likely begin to draw liquidity away from smaller memes. The only reason they performed well this week was because DOGE has been cooling off for five days, in my opinion," he said.

Bluntz utilizes the Elliott Wave theory, which suggests that a bullish asset often experiences a five-wave rally, with waves one, three, and five being upward movements and waves two and four being corrective periods. The analyst believes that an ideal scenario for DOGE is a gradual increase over the next few days, which could pave the way for another breakout later in the week.

"I believe DOGE will gently remind everyone who the king is this week," he said.

Ali Martinez, a technical and on-chain analyst, has shared a chart indicating that Dogecoin is breaking out of a bull flag, which anticipates a 120% rally to $0.82 as long as the $0.37 support level is maintained.

Dogecoin's Impressive Rally

Dogecoin is currently trading at $0.3996, up over 11% in the past 24 hours. With a market capitalization of over $57.85 billion, Dogecoin's shifting patterns suggest the formation of a "rounding bottom" pattern on its weekly technical chart. This is a bullish reversal setup, and once completed, the price often increases significantly.

Recently, Trump announced the formation of DOGE under the supervision of Vivek Rawaswamy and Elon Musk on November 12, 2024. Dogecoin responded by surging from $0.15 to a high of $0.42 and is now trading at $0.3996. This impressive rally has sparked excitement in the crypto community, with many speculating on the potential impact of Musk's involvement.

Amidst favorable market conditions, continued investor support, and efforts to maintain its position above the $0.42 threshold, some analysts predict that Dogecoin could eventually reach the $1 mark.