After experiencing a slight pullback, Dogecoin price is cautiously moving towards $1. The fundamentals are favorable for Dogecoin, but this meme coin must hold above key support levels to trigger a new round of increases.
Dogecoin price is expected to break through $0.1850.
Anonymous cryptocurrency analyst BitGuru stated that Dogecoin price could see a strong rebound in the near future, breaking through $0.1850. According to analysis on X, BitGuru noted that Dogecoin price will surge towards $1 in the next round of increases, but Dogecoin still needs to meet several conditions.
Dogecoin price must remain above $0.1666 to trigger a move up to $0.1850. However, falling below this level may lead Dogecoin price to drop again towards $0.1524, dampening the enthusiasm for increases.
Dogecoin price began to rebound after dropping to $0.1524, which BitGuru refers to as a typical cup rebound. The chart shows that Dogecoin price initially declined slowly, followed by the 'beauty of a bull market', indicating a longer-term sustained increase.
BitGuru stated: 'Dogecoin has just completed a classic cup rebound and stabilized above a key support level. If the price maintains this level, we are likely to break through $0.1850 in the next round of increases.'
BitGuru has not provided a specific timeline for its predictions, but optimism surrounding Dogecoin's price reaching $1 has peaked. At the current price, driven by favorable fundamentals and on-chain factors, Dogecoin needs to rise nearly 500% to reach the $1 mark.
DOGE's figures are impressive.
Currently, various metrics for Dogecoin (DOGE) are performing strongly, especially after a robust recovery. In the past 24 hours, the price of Dogecoin has risen nearly 4%, while the seven-day chart indicates that this memecoin has gained close to 20%.
DOGE is attempting to offset its 30-day decline of 5.47% with a new upward pattern, consolidating its gains over the past year. Despite the impressive data, trading volume is still down by 14%, slightly below the $1.5 billion mark.
Amid the optimism of the recently concluded Dogecoin Day, there are concerns that as rumors of Elon Musk distancing himself from Dogecoin grow, the price of Dogecoin will plummet.
Cryptocurrency analyst Master Kenobi believes that Dogecoin (DOGE) could reach an all-time high within 55 days. Master Kenobi's prediction is based on Dogecoin's price breaking through a trend line, expecting the valuation to reach $0.90 by mid-June.
Additionally, Coinglass data shows that the futures open interest (OI) of this meme coin soared over 5% during the session, reaching $1.98 billion. This data further highlights the growing interest in this asset, paving the way for a bullish trajectory in the future.
