Dogecoin’s price is looking pretty interesting right now. It’s hanging out in a key support zone, forming a pattern that often leads to big price swings. Instead of fading away, the price seems to be getting ready for a breakout.
Could Dogecoin Hit $1? One Analyst Thinks So
Crypto analyst Trader Tardigrade is predicting a big jump for Dogecoin. They believe it could blast past the long-awaited $1 mark. Their chart shows Dogecoin forming a “Descending Triangle” pattern. The price has bounced off the same support level (around $0.1369) three times. This forms the base of the triangle, while a downward-sloping resistance line connects the lower highs.
This pattern reminds them of a similar breakout in 2024, when Dogecoin rocketed from around $0.0938 to almost $0.48 in weeks. If history repeats itself, Dogecoin could hit a new Fibonacci target of around $1.09. That’s over four times its current price!
The chart also shows a “1-2-3” pattern – multiple tests of support before a big move. With the third touch confirmed, a big price jump towards $1 by late 2025 seems possible.
Looking Even Further Ahead: A $4 Target?
Trader Tardigrade also looked at Dogecoin’s longer-term price action. They see similarities between its 2015-2018 performance and its current pattern (since 2022). Back then, DOGE went from around $0.0003 to $0.009. This rally followed a period of accumulation and then a sharp upward move.
The current chart looks similar, suggesting a possible rally to $0.42 first, then $1.46, and potentially even a massive surge to $4! That’s a huge 2,400% increase from the current price.