Dogecoin Set for Significant Surge: Here’s Why $1 Remains Possible

Recently, Dogecoin has experienced a significant surge, surpassing the $0.23 resistance level over the weekend. This upward trend appears to be gaining momentum as buyers have regained control of the market over the past week. Despite the considerable gains already made by this meme coin, analysts remain optimistic about its potential for further increases, forecasting an explosive upward movement for this altcoin.

Dogecoin Price Continues to Show Strong Potential

A well-known analyst under the nickname MMBTtrader on TradingView notes that the Dogecoin price shows strong bullish indicators. The current surge is anticipated to persist since Dogecoin has yet to encounter significant resistance that might hinder its trajectory, potentially paving the way for it to double in value.

Further Insights

The analyst highlights that while a price correction is possible following such a rapid increase, it is likely to be brief. This correction could serve as a springboard for even greater gains. The anticipated pullback might occur just under the $0.25 mark, but given the bullish sentiment, there’s a chance that Dogecoin may rise even higher before this dip happens.

Currently, the only barrier to Dogecoin’s price movement is the red trend line shown in the analyst’s chart. A breakout above this line is expected to propel the price upward, with projections suggesting it could rise to $0.4. Furthermore, should it break past the $0.4 threshold, it would indicate an exceptionally bullish market, potentially pushing Dogecoin towards $0.75 and even $1.

Conversely, if Dogecoin fails to break above the trend line, this could signal the onset of bearish pressure. The primary bearish target would be $0.13548, and if further declines occur, it could drop below $0.1, reaching down to $0.09024.

Further Insights

DOGE Aiming for the $1 Mark

Another analyst has indicated that Dogecoin may be on a path to reach the $1 target. They explained that, following a strong rebound from the $0.14 support level, Dogecoin is currently displaying bullish reversal patterns on a weekly basis, broadening the scope for price targets as the upward trend continues.

According to the analyst, if Dogecoin can maintain its current position, the next major target would be $1. For this to materialize, it is essential to confirm trading volume and monitor price movements in the coming weeks. “DOGE might be gearing up for another historic run,” the analyst predicted.