Dogecoin continues to attract attention. Not only because of DOGE's incredible 167% price increase this month, but also because of its surprising stability in a highly volatile cryptocurrency market.
While Bitcoin (BTC)'s meteoric rise has overshadowed most altcoins, Dogecoin's growing network activity and resilient price action have kept it in the spotlight. The question on everyone's mind: Can DOGE finally hit the coveted $1 mark?
Bitcoin Dominance and Dogecoin's Outstanding Performance
In response to the event, Dogecoin co-founder Billy Markus shared his thoughts on X about Bitcoin’s dominance by sharing a meme that highlighted the top coin’s unparalleled growth trajectory compared to the rest of the tokens.
Bitcoin's surge to $97,000, up 8% over the past week, has pushed ETH and DOGE aside.
On the other hand, Ethereum dropped -2.85% to $3,140; DOGE remained unchanged at $0.39. However, these experts believe that Dogecoin has significant growth prospects.
Will DOGE Price Go to $1?
Prominent crypto analyst Cobra Vanguard has identified a bullish setup on Dogecoin's weekly chart, which features a rounding bottom pattern. According to Vanguard, this pattern, which has been developing since 2021, is a precursor to a major breakout.
The analyst predicts that the AB=CD harmonic pattern could push DOGE to $0.68 in the short term, followed by $1 – a key psychological level.
This forecast is supported by the 1.241% Fibonacci extension level and increased buying volume. According to Vanguard,
“Dogecoin breaks $0.35 signaling renewed bullish momentum… The congruence between price trend and volume is similar to early 2021, suggesting an impending bull run.”
Network metrics reinforce optimism
Dogecoin's foundation remains strong. Active addresses hit a record 1.33 million, highlighting increased network activity.
Trading volumes are also rising, reflecting increased adoption and investor confidence. Such metrics have traditionally been strong indicators of rising price volatility.
Santiment data shows that Daily Active Addresses (DAA) Divergence is flashing a strong buy signal, reinforcing bullish sentiment. Combined with macroeconomic factors like Bitcoin’s rally, these metrics position DOGE for sustained momentum.
Dogecoin is consolidating at $0.39, testing key resistance at the 0.786 Fibonacci retracement level. A breakout above $0.44 could push DOGE to $0.48, the upper Bollinger Band level. From there, Fibonacci extensions suggest resistance zones at $0.63 and $0.95 before DOGE moves towards $1.
However, risks remain. A drop below $0.36 could push the price to $0.29 or lower, testing the 0.618 Fibonacci retracement level. Tightening Bollinger Bands suggest an imminent breakout, but the direction remains uncertain.
Should investors hold or sell?
When asked whether to hold or sell DOGE, co-creator Markus responded with his signature sense of humor, sharing a GIF titled “Don’t know.” Markus, who is known for his skeptical stance on speculative trading, currently holds very little DOGE and BTC.
For investors, Dogecoin’s association with strong fundamentals, growing adoption, and bullish technical setups make it an attractive prospect. While Bitcoin is directional, DOGE appears poised to chart its own course, with $1 no longer a distant dream but a tangible possibility.
Dogecoin’s stability and strong metrics position it as a standout in the altcoin market. With analysts pointing to its potential for a breakout and its community-driven narrative, the meme coin could redefine its role in the cryptocurrency space. Will Dogecoin finally hit $1? The coming weeks could provide the answer.
