Dogecoin (DOGE) has shown good stability in the volatile cryptocurrency market with a 167% price increase this month. Although many altcoins have been overshadowed by the strong performance of Bitcoin (BTC), DOGE's network activity and price resilience have attracted attention. Analysts predict that DOGE may break through $0.35 and move towards the psychological level of $0.68 or even $1. The record number of active addresses and increased trading volume show market confidence, which makes its prospects optimistic. However, investors still need to be cautious. If it falls below $0.36, it may fall further.
Dogecoin continues to attract attention. This is not only because the DOGE price has risen 167% this month, but also because of its surprising stability in the highly volatile cryptocurrency market.
While the meteoric rise of Bitcoin (BTC) has eclipsed most altcoins, Dogecoin’s growing network activity and resilient price action have kept it in the spotlight. The question on everyone’s mind is: Can DOGE finally hit the coveted $1 mark?
Bitcoin’s dominance and Dogecoin’s outperformance
In response, Dogecoin co-founder Billy Markus shared his thoughts on Bitcoin’s dominance on X, sharing a meme that highlighted the leading coin’s unmatched upward trajectory compared to other coins.
Bitcoin surged above $97,000, up 8% from last week, pushing ETH, DOGE aside.
Ethereum, on the other hand, fell -2.85% to $3,140; DOGE was flat at $0.39. However, these experts believe that Dogecoin has considerable growth prospects.
Will DOGE Price Rise to $1?
Cobra Vanguard, a well-known cryptocurrency analyst, has spotted a bullish setup on Dogecoin’s weekly chart, which features a rounding bottom pattern. Vanguard says this pattern has been developing since 2021 and is a precursor to a major breakout.
Analysts predict that the AB=CD harmonic pattern could push DOGE to $0.68 in the near term, followed by $1 – a key psychological level.
This prediction is supported by the 1,241% Fibonacci extension and increasing buy-side volume. According to Vanguard Group,
“Dogecoin’s breakout above $0.35 signals renewed bullish momentum… The consistency of volume and price trends echoes that of early 2021, suggesting a rally is imminent.”
Network indicators reinforce optimism
Dogecoin’s fundamentals remain strong. Active addresses hit a record high of 1.33 million, highlighting increased network activity.
Trading volumes are also increasing, reflecting growing adoption and investor confidence. Historically, these metrics have been strong indicators of rising prices.
Santiment data shows that the daily active address (DAA) divergence is sending a strong buy signal, reinforcing bullish sentiment. Combined with macroeconomic factors such as Bitcoin's rise, these indicators keep DOGE on track for continued growth.
Dogecoin is consolidating at $0.39, testing a critical resistance level at the 0.786 Fibonacci Retracement level. A break above $0.44 could push DOGE to $0.48, the upper Bollinger Band level. From here, the Fibonacci Extension suggests that resistance areas are $0.63 and $0.95 before DOGE approaches $1.
However, risks remain. A break 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 if he held or sold DOGE, co-founder Marcus responded with characteristic humor, sharing a GIF titled “Don’t know.” Marcus is known for being skeptical of speculative trading and holds very little DOGE and BTC.
For investors, Dogecoin’s strong fundamentals, growing adoption, and bullish technical setup make it an intriguing prospect. While Bitcoin sets the pace, DOGE appears ready to chart its own course, with $1 no longer a distant dream but a real possibility.
Dogecoin’s stability and robust metrics make it stand out in the altcoin market. With analysts pointing to a potential breakout and community-driven narrative, the memecoin could redefine its role in the cryptocurrency space. Will Dogecoin eventually reach $1? The next few weeks may provide the answer.
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