Dogecoin’s price action is closely watched as analysts suggest a potential rally of up to 120%. After a brief period of consolidation, Dogecoin is said to be breaking out, with $1 becoming a possible target.
Dogecoin’s Price Rebounds After Cool-Off
In the past week, Dogecoin struggled to maintain momentum after briefly hitting $0.4359. Its price fluctuated between $0.35 and $0.38, showing limited activity following its earlier bull run.
Today, a promising rebound was observed as Dogecoin recorded a 10% increase, climbing back to the $0.40 range. This marked its first return to this threshold since November 14, when it had dropped below $0.40. When writing, Dogecoin is trading at $0.3950 after a minor pullback.
Bullish Pattern Suggests 120% Upside for Dogecoin
Market analyst Ali Martinez has highlighted the potential for Dogecoin to rally by 120%. A bull flag pattern is reportedly forming, indicating a possible price surge to $0.82 if support at $0.37 holds strong.
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A chart shared by Martinez shows a seven-day consolidation period following Dogecoin’s recent high of $0.4359. The breakout from this consolidation pattern is expected to set the stage for further gains, possibly reaching $0.82 and eventually approaching $1.
Other analysts like “Professor Astrones” have echoed similar sentiments. Astrones shared a chart showing Dogecoin reversing its recent consolidation trend, reinforcing the likelihood of an upward trajectory.
Key Resistance Levels for Dogecoin to Surpass
Despite its bullish outlook, Dogecoin faces critical resistance before achieving new highs. The first significant challenge is the $0.4402 mark, aligning with the Fibonacci 1.0 level, where Dogecoin experienced rejection last week.
Should this level be breached, additional resistance at $0.55 and $0.65 must be overcome. The next major obstacle is its all-time high of approximately $0.70, close to the 1.618 Fibonacci level.
Notably, Dogecoin’s previous explosive run, which rose from $0.2173 to $0.4359 in under 48 hours, suggests the meme coin could rapidly break through these resistance levels if momentum persists.
Speculation on Dogecoin’s Long-Term Price Potential
The crypto community anticipates Dogecoin’s rise to $1, often drawing parallels to Bitcoin’s highly awaited $100K milestone. Depending on market conditions and investor sentiment, analysts have speculated even higher potential cycle peaks for DOGE, ranging between $18 and $23.
These projections remain speculative, but Dogecoin’s recent price movements and growing interest in the asset have reignited optimism among its supporters. The coming days will likely determine whether DOGE can sustain its breakout and achieve these ambitious targets.
