In recent weeks, the price of the dog-themed cryptocurrency Dogecoin (DOGE) has increased. Dogecoin was trading at $0.169 at the time of writing, up 9.78% from the previous 24 hours. The dog coin is also currently up approximately 40% weekly.
In recent weeks, the price of the dog-themed cryptocurrency Dogecoin (DOGE) has increased. Dogecoin was trading at $0.169 at the time of writing, up 9.78% from the previous 24 hours. The dog coin is also currently up approximately 40% weekly.
With its recent price surge, crypto analyst Ali makes a bold prediction about DOGE price: Dogecoin could rise to $1 by mid-April if historical patterns are any indication.
“This may seem crazy, but if history is any guide, Dogecoin DOGE could reach the dollar by mid-April.” Ali he stated in a post on X. To back up his statement, he presented a chart of Dogecoin’s past price movements and trends.
Based on the chart, Ali noted similarities between Dogecoin’s current price pattern and those of its previous bull markets in 2017 and 2021, during which Dogecoin experienced huge price jumps following significant periods of consolidation.
For every major price rally, there is usually a period of range trading where the market stabilizes before the next leg higher.
If this scenario is confirmed, Ali believes that Dogecoin could experience a parabolic breakout in mid-April and surpass the dollar, representing a staggering 525% increase from Dogecoin’s current price of approximately $0.17.
Dogecoin price action
Dogecoin price has steadily risen from a low of $0.09 since February 26. The surge lifted DOGE price above the $0.20 resistance on March 5, but the bulls were unable to sustain the breakout due to profit-taking.
The bulls are once again attempting to hold the price above $0.17, with Dogecoin hitting intraday highs of $0.172 at the time of publication.
If buyers keep the price above $0.17, Dogecoin could gradually retest its local peak of $0.20. A breakout and close above this level may signal the start of the second leg of the uptrend at $0.30.
On the contrary, if the price falls from the current levels, Dogecoin may fall to the 0.12 support level, where buyers are likely to enter.
