Is Dogecoin going to the moon? This question is being raised again as the cryptocurrency market witnesses a strong surge. With Ethereum rising faster than Bitcoin, many analysts believe that an altcoin season may be starting — and Dogecoin is once again in the spotlight.
This popular meme coin has recently surpassed the $0.20 mark, sparking new interest in whether it can return to its peak level in 2021. Its market capitalization has now exceeded $29 billion, and with increasing market optimism, traders are closely monitoring what will happen next.
Analysts predict a breakout to $1.
Analyst Maelius Crypto shared a chart calling Doge 'incredible' despite it having dropped more than expected. The analyst argues that Dogecoin is showing strong breakout signs as the price has bounced off key support levels, such as the 200-week EMA and the demand zone between $0.11 and $0.20.
The recent price movement follows the Elliott wave pattern, and he expects the next major move could push DOGE to $1. After a slight correction, he believes it could eventually reach $1.30-$1.70.
Analyst Ali Martinez explains that Dogecoin has been supported by a trend line since October 2024. If the price drops to $0.14, this could be a buying opportunity before recovering to $0.30. Analyst Javon Marks also predicts that the price could recover significantly before heading towards the $0.65 target.
The recent increase of Dogecoin has raised hopes that it could reach a market value as high as $500 billion, $1 trillion, or $2 trillion. If that happens, each DOGE could be worth up to $13.4. Analysts predict that this could occur between 2033 and 2040.