Dogecoin Price Poised for 400% Surge to $1, Analyst Predicts

Dogecoin's price has experienced a significant decline this year, aligning with the broader crypto market sell-off. This downturn has resulted in the erasure of billions of dollars in value. Despite this, one crypto analyst remains optimistic, suggesting that the DOGE price is poised for a recovery and could potentially reach the psychological milestone of $1.

A well-known crypto expert has made a bullish prediction for Dogecoin, even as its price continues to deviate from its 2024 highs. The analyst utilized a weekly chart to identify patterns that he believes will drive the upcoming bull run. According to the analyst, Dogecoin has been forming a falling wedge pattern on the weekly chart. The upper side of this wedge connects the highest price swings since December, while the lower side links the lowest price points since December 19. This pattern is often indicative of a strong bullish breakout when the two lines approach their convergence point.

The analyst also noted that Dogecoin formed a similar pattern between March and November of the previous year, which culminated in a strong bull run that reached a high of $0.45. In the current scenario, Dogecoin has formed a falling wedge and retested the crucial support level at $0.2280, which was the highest swing in March of last year. A break and retest pattern suggests a potential continuation of the upward trend.

The analyst now anticipates that the coin will initially jump to $0.50, followed by a surge to $1. Such a move would represent a 400% increase from the current level and would push its market cap to $140 billion. The analyst's forecast is based on historical price movements, where Dogecoin has shown significant volatility. For instance, Dogecoin jumped by 720% from its 2023 lows to the highest swing in 2024. It also surged by 285% to reach its all-time high of $0.7370. From there, it would need to rise by just 0.35% to hit $1.

The bullish outlook for Dogecoin could be invalidated if the coin crashes below the ascending trendline that connects the lowest levels since June 2023. Several catalysts could potentially drive Dogecoin's price to $1. One such catalyst is the upcoming reciprocal tariffs, which may push the US into a recession, leading to Federal Reserve interventions such as rate cuts and quantitative easing. These actions could trigger a new crypto bull run.

Additionally, users on Polymarket believe that the Securities and Exchange Commission (SEC) will approve a Dogecoin ETF. This belief is based on the similarity between Dogecoin and Bitcoin, both of which are proof-of-work coins that the SEC does not consider securities. Such an ETF would likely attract more demand from Wall Street investors. Furthermore, Dogecoin could benefit from the creation of crypto reserves, as it is a candidate for inclusion. Lastly, as one of the top blue-chip meme coins, Dogecoin may see increased traction as investors rotate away from riskier Solana meme coins.