Here’s When Dogecoin (DOGE) Can Skyrocket to $1.1: Analyst Explains
Dogecoin (DOGE) has recently stirred optimism among investors as analysts suggest the meme coin could witness a significant surge, possibly reaching $1.1 by early June. Currently trading at $0.1722, Dogecoin’s price action has begun to mirror patterns seen during the 2017 bull run, prompting renewed interest among traders.
When DOGE?
On March 17, crypto analyst Master Kenobi highlighted notable resemblances between Dogecoin’s present price trends and its movements during 2017. Their analysis indicated that the meme coin underwent two distinct pumps in that bull market, characterized by similar value increases and durations. By charting out these patterns, Kenobi projected a potential peak at $1.1 in the early weeks of June. This optimistic view is bolstered by Dogecoin’s recent interaction with its 200-day moving average, a critical support level that many traders monitor closely.
Further reinforcing this bullish sentiment, an analyst known as DOGECAPITAL remarked on Dogecoin’s historical behavior, noting that the asset tends to reverse upward approximately every four years after touching a key support line. They believe this market cycle is following a similar trajectory, potentially initiating a bounce that would propel the price upward.
Trader Tardigrade also brought attention to a recent Doji candle formation on Dogecoin’s weekly chart. This pattern is frequently associated with potential trend shifts, and Tardigrade reminded followers that previous Doji signals preceded substantial price rallies for DOGE.
Market Conditions and ETF Hopes Fuel Optimism
Despite facing a 38% decline over the last month, bullish signals for Dogecoin are becoming apparent. Notably, crypto analyst Ali Martinez observed a surge in accumulation among whale investors, who scooped up over 1.4 billion DOGE in a single day. This increased buying activity could effectively reduce the available supply and lay the groundwork for a potential price recovery.
The excitement surrounding Dogecoin is also fueled by the potential unlocking of new investment avenues through a spot Dogecoin ETF. Major firms like Grayscale and Bitwise have submitted applications for such products, and according to Bloomberg experts James Seyffart and Eric Balchunas, the chances of SEC approval stand at around 75%. Should the SEC greenlight a Dogecoin ETF, access to this meme coin would become simpler for investors, likely driving up demand and, consequently, the price.
As of now, Dogecoin is trading at $0.1722, reflecting a small decrease of 2.1% in the last 24 hours. While it remains significantly up by 19.5% from its value a year ago, the token has seen a minor dip of 0.8% over the past week, slightly underperforming compared to the broader crypto market, which has decreased by 0.70% during the same timeframe.
