Analytics

Analyst Predicts Wild Timeline for Dogecoin to Reach $1

Experienced analyst Ali Martinez believes the price of Dogecoin could soar as high as $1 by mid-April, citing historical precedence.

Dogecoin has shown great recovery strength since the bullish trend returned to the cryptocurrency market. The meme-inspired asset has gained over 114% in the past month alone and trades at price levels last seen since early 2022.

Despite the progress, Dogecoin is still trading 77% below its all-time high of $0.73. Investors have continued to wonder if DOGE could break this ATH and perhaps even cross the $1 mark for the first time in its history.

Popular analyst Ali Martinez predicts that Dogecoin could reach such high numbers sooner than expected if historical trends continue.

In a recent update, the analyst showed that Dogecoin’s current market performance mirrors similar actions seen between 2016 and 2017, as well as between 2020 and 2021.

Following a price consolidation within these periods, Dogecoin set new all-time highs, an outcome that could also play out this cycle. The analyst’s chart also continues the timeline during which Dogecoin breaks its previous high and reaches new levels.

This may sound wild, but if history is any guide, #Dogecoin $DOGE could hit $1 by mid-April! pic.twitter.com/UAgldPcDbh

— Ali (@ali_charts) March 8, 2024

Comparing historical action to current price moves, Ali Martinez predicts that Dogecoin could reach $1 by mid-April 2024. Such price action will also require that the broader crypto market witness a remarkable run.

Can DOGE Reach $1 Soon?

Although there is no infallible way to predict Dogecoin’s price, a move to $1 represents a significant hurdle that the cryptocurrency may struggle to clear in the short term. The reason is not far-fetched.

A move to $1 will put Dogecoin’s market cap at $143 billion, nearly six times its current market value of $24.5 billion. The $143 billion valuation would be nearly 40% higher than Dogecoin’s peak market cap of $88.9 billion.

However, the unpredictable nature of the crypto market means that a move to $1 may not be entirely unachievable for Dogecoin, given its broad investor community.

In the meantime, the cryptocurrency is trading at $0.171 and will need a solid performance in the next few days to start putting such eye-catching predictions within the realm of possibility.

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