After days of consolidation, the Dogecoin (DOGE) price is showing signs of life, having risen by 31% from its lowest point this month. This recovery has added about $5 billion in value, and raised the question whether DOGE price could surge 445% to hit $1.
While Dogecoin price has bounced back, it remains much lower than its all-time high. Precisely, it has dropped by 76% from its 2021 high and is 65% lower than its 2024 high. Let’s explore the only way that the coin jumps and hits $1.
Dogecoin Price Can Reach $1 if Key Things Happen
The value of DOGE needs to rally by 445% to get to $1. Such a move would create a cryptocurrency with a market cap of nearly $150 billion, since its maximum circulation is 148.98 billion tokens.
A $150M valuation in the crypto market is possible. Bitcoin and Ethereum have already surpassed that milestone, while Tether and XRP are close behind. As the biggest meme coin in crypto, such a climb is possible.
Additionally, a 445% surge, while large, is attainable in the crypto industry. A notable example is Fartcoin, a Solana meme coin that bottomed at $0.2053 in March has jumped by 443% to $1.095.
DOGE price also has a record of having triple-digit gains. While its price has pulled back recently, it remains 200% above its 2023 lows.
Dogecoin price can jump to $1 if there is a Bitcoin-led rally. A look at DOGE’s history reveals that it tends to rally only when BTC is in a strong bull run. Therefore, with odds of a Bitcoin surge rising, there is a likelihood that it too will rally.
Additionally, the SEC needs to approve a spot DOGE ETF, which will help it gain inflows from Wall Street investors. Odds of approval are high because it is a proof-of-work coin like Bitcoin.
Daily Chart Shows to a DOGE Price Rebound
Chances are that Dogecoin will eventually surge and hit $1. What is clear, however, is that this rebound to that target will take months or even years to happen.
The daily chart shows that it may be on the cusp of a bull run. It has formed a small double-bottom pattern at $0.1480. It has also formed a big falling wedge pattern and its price has already jumped above the upper side.Dogecoin also sits above the rising trendline that links the lowest prices since August last year.
Therefore, the short-term DOGE price forecast is bullish, with the most viable target being the psychological level at $0.25. This target is approximately 45% higher than the current level. A surge to $1 will be confirmed if it rises above the 2024 and 2021 highs.
Take note of the double-bottom level at $0.1480 as a break below there will signal more downside, potentially to $0.10.
The post Here’s the Only Way Dogecoin (DOGE) Price Could Reach $1 appeared first on CoinGape.
