After days of consolidation, #Dogecoin (DOGE) price is showing signs of life, up 31% from its lowest point this month. This recovery has added about $5 billion to its value and raised the question of whether DOGE price could surge 445% to $1.
While Dogecoin price has rebounded, it remains well below its all-time high. More specifically, it is down 76% from its 2021 high and 65% below its 2024 high. Let’s take a look at the only way the coin could bounce back and hit $1.
Dogecoin Price Can Hit $1 If Key Events Happen
DOGE price would need to surge 445% to reach $1. Such a move would create a cryptocurrency with a market cap of nearly $150 billion, as its maximum circulating supply is 148.98 billion tokens.
A $150 million valuation is possible in the crypto market. Bitcoin and Ethereum have already surpassed this milestone, while Tether and XRP are not far behind. As the largest meme coin in crypto, such a rally is possible.
Also, a 445% jump is possible in the crypto space, albeit a large one. A prime example is Fartcoin, a Solana meme coin that bottomed at $0.2053 in March and then surged 443% to $1.095.
DOGE price is also on a triple-digit gain streak. Although its price has recently declined, it remains 200% above its 2023 lows.
Dogecoin price could jump to $1 if there is a Bitcoin-led rally. A look at DOGE’s history shows that it only tends to rise when BTC is in a strong bullish trend. So, with the possibility of Bitcoin going up, there is a possibility that it will go up as well.
Also, the SEC needs to approve a spot DOGE ETF, which will help it receive inflows from Wall Street investors. The probability of approval is high since it is a proof-of-work coin, just like Bitcoin.
Daily chart shows a bounce in DOGE price
Dogecoin will likely eventually rise and reach $1. However, it is clear that this bounce to this target will take months or even years.
The daily chart shows that it may be on the cusp of a bullish trend. It has formed a small double bottom pattern at $0.1480. It has also formed a larger falling wedge pattern, and its price has already jumped above the upper side. Dogecoin is also above the ascending trendline that links the lowest prices since August last year.
So, the short-term outlook for DOGE price is bullish, with the most viable target being the psychological level of $0.25. This target is about 45% above the current level. A move to $1 would be confirmed if it rises above the 2024 and 2021 highs.
Note the double bottom level at $0.1480, as a break below this level would signal further decline, potentially to $0.10.
