Is the $1 Million Goal Attainable?

Following a period of relative stability in April, Dogecoin has kicked off May with remarkable gains. The cryptocurrency has experienced a rise of over 33% this week, pushing past the $0.22 threshold, fueled by renewed enthusiasm from both retail and institutional investors.

During this rebound, technical indicators are signaling crucial trends that have historically preceded significant price rallies for Dogecoin since 2024. Recent observations by a well-known crypto analyst, Trader Tardigrade, highlight a potential turning point: a bullish MACD crossover observed on the weekly chart.

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MACD Signal Reappears, Suggests Significant Upsurge for Dogecoin

Since its performance in October 2023, the MACD (Moving Average Convergence Divergence) has emerged as an effective tool for identifying momentum shifts in Dogecoin’s price action. Currently, it is signaling bullish conditions again. The crossover, in which the MACD line moves above the signal line, has historically coincided with the onset of strong upward trends since this cycle began in the fourth quarter of 2023.

Trader Tardigrade’s analysis indicates that the last two confirmed MACD crossovers on a weekly basis resulted in price increases from $0.06 to $0.23 and from $0.086 to $0.48, respectively. Each spike followed an extended period of downturns, reminiscent of Dogecoin’s recent experiences since March 2025.

The initial MACD crossover during this cycle occurred in October 2023, leading to a remarkable 285% surge. The subsequent crossover was in September 2024, which brought about an even larger increase of approximately 460%, propelling Dogecoin to multi-year peaks of $0.48.

The chart also demonstrates that these MACD crossovers followed a rounded bottom pattern. The current price situation resembles that setup, featuring a higher low rounded bottom with the blue MACD line nearing an upward crossover with the orange line.

This strongly supports the idea that Dogecoin might be on the verge of another significant rally, particularly given the positive sentiment across the broader crypto market following Bitcoin’s resurgence above $100,000.

Image From X: Trader Tardigrade

Targeting $1: Can MACD Rally Occur Again?

With the MACD crossover nearing realization, the pressing question is whether this will enable Dogecoin to finally achieve the coveted $1 milestone. 

The $1 target aligns with a long-standing ascending resistance trendline that has already influenced the $0.23 and $0.48 peaks in this cycle. If this correlation continues, and if Dogecoin’s MACD crossover manifests as it has previously, the meme coin could be at the beginning of another substantial price move. The analyst’s projection suggests a trajectory that extends towards $1 by mid-year, following a path akin to prior rallies.

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Reaching the $1 target would necessitate an increase of approximately 335% from current levels near $0.23. As of now, Dogecoin is trading at $0.2335, reflecting a gain of 3.4% over the past 24 hours, with an intraday peak at $0.2569.

Featured image from Unsplash, chart from TradingView