Dogecoin Chart Pattern Suggests Potential Surge Above $1 According to Analyst

Investors are showing renewed interest in Dogecoin (DOGE) as analysts identify a pattern suggesting potential growth past the $1 mark. DOGE previously peaked at $0.74 during the 2021 bull run but has struggled to regain that level.

Key Points

Analyst Chandler notes a recurring cycle for DOGE since December 2023: breakout to new highs, brief pullback, and sharp rebound.
Recent high of $0.85 followed by a pullback indicates the next move could reach approximately $1.80, representing over 112% gain from the last peak.
Despite historical price patterns not guaranteeing future outcomes, past explosive rallies driven by speculation and retail enthusiasm suggest this scenario is plausible.
Overcoming the $1 psychological barrier has been challenging, with previous attempts failing despite significant support.
In the past year, DOGE gained nearly 200%, outperforming Bitcoin's 110% increase, enhancing the possibility of surpassing $1.
Investors should remain cautious due to Dogecoin's volatility and potential impact from macroeconomic conditions and regulatory changes.
DOGE was trading at $0.2671, up 5.7% daily and 2.8% weekly at the time of writing.

The upcoming months could be critical for Dogecoin as it approaches the $1 threshold.