This Dogecoin Chart Formation Could Catapult Meme Coin Over $1—Analyst

Dogecoin is gaining attention from investors again, with analysts spotting a pattern that could send its price soaring past $1. The meme coin hit an all-time high of $0.74 in 2021 but has struggled to reach that level since. Crypto analyst Chandler notes that Dogecoin has been following a familiar cycle since December 2023, consisting of a breakout, brief pullback, and sharp rebound. This pattern has occurred twice, and if it happens again, DOGE could reach an estimated $1.80, a gain of over 112% from its last peak. The pattern is based on historical price movements, and while it doesn't guarantee future performance, Dogecoin's history of explosive rallies makes it plausible. Overcoming $1 has long been a psychological and technological obstacle for Dogecoin, but the circumstances for another breakthrough seem to be developing. Sentiment is a significant factor in Dogecoin's fluctuations, and if it continues to outperform Bitcoin, surpassing $1 may occur sooner than expected. However, investors should exercise caution, as historical patterns are not totally reliable, and external variables can impact the price. Despite the risks, the coming months may be a pivotal moment for Dogecoin, with its chart indicating signs of life and the $1 barrier approaching.