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The post Will Dogecoin Reach $1 in 2024? A Close Look at the Latest Price Surge appeared first on Coinpedia Fintech News
In the latest X post, a trader has outlined a potential price path for DOGE to soon reach its fresh all-time high.
Analyst Says DOGE Could Explode To New ATH
The Pseudonymous analyst Bluntz in his recent post has underscored that Dogecoin looks poised for a new wave of upside bursts after hitting a local bottom at around $0.339. He shared a chart indicating that DOGE could explode to a new all-time high of $0.85 before ending its five-wave surge.
“Nothing changed, we just had a nice 23% low time frame dip I’m counting as a wave four within a monster extended wave three impulse.”
“Once the next DOGE leg-up start, it will probably start to suck liquidity out of smaller memes again. The only reason they went so hard this week was because DOGE has been chilling for five days in my opinion”, he shared.
Notably, Bluntz practices the Elliott Wave theory. According to its principles, a bullish asset often sees a five-wave rally, where waves one, three, and five are upside moves and waves two and four are corrective periods. The analyst believes that an ideal scenario for DOGE is a slow grind-up over the next few days, which could set the stage for another parabolic breakout later in the week.
“I think DOGE is gonna gently remind everyone who the king is this week,” he shared.
Ali Martinez, a technical and on-chain analyst in a latest X post has shared a chart noting that Dogecoin is breaking out of a bull flag, which anticipates a 120% rally to $0.82 as long as the $0.37 support holds.
Dogecoin’s Impressive Rally Ignites Community Buzz
Dogecoin is currently trading around $0.3996, up over 11% in the last 24 hours. With a market value of over $57.85 billion, Dogecoin’s shifting patterns suggest the current formation of a “rounding bottom” pattern on its weekly technical chart. This is a bullish reversal setup, and like most reversal setups, once completed, the price often rises significantly and reflects increased activity.
Recently, Trump announced the formation of DOGE under the supervision of Vivek Rawaswamy and Elon Musk on November 12, 2024. Simultaneously, Dogecoin has surged from $0.15 to a high of $0.42 and is now trading at $0.3996. This impressive rally has ignited a buzz in the crypto community, with many speculating how far Musk’s influence could propel DOGE.
Amidst favorable market conditions, continued investor support, and a sustained effort to hold its position above the $0.42 threshold, some analysts predict that Dogecoin could eventually hit the $1 mark.
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