Dogecoin’s worth motion stays a matter of debate amongst crypto traders on social media, with a well known analyst pointing to a serious breakout sample that might ship DOGE hovering towards $1. Common crypto analyst Fortunate (@LLuciano_BTC) recently shared his bullish outlook together with his 2.2 million followers on X, stating that the coveted $1 worth goal for Dogecoin is now solely a matter of time.
Bull Flag Sample Indicators Robust Momentum
Though Dogecoin has proven sturdy bullish momentum at varied factors, it has yet to surpass its all-time excessive of $0.7316 on this cycle. Nevertheless, many DOGE fans stay bullish on the meme coin, with a lot of them wanting ahead to an eventual break above $1 this bull cycle. Sarcastically, Dogecoin hasn’t even damaged above $0.5, which is the midway mark to achieve the $1 goal. Nonetheless, crypto analyst Fortunate famous that it’s solely a matter of time earlier than DOGE begins to commerce at $1.
Fortunate’s confidence is based on a technical sample forming on Dogecoin’s worth chart. Sharing his outlook in a submit, he highlighted a bull flag formation on the every day candlestick timeframe. Curiously, this bull flag has been in formation since November 2024, making it a multi-month sample.
The sample started with a powerful rally in mid-November till it reached a multi-year excessive of $0.484 in early December earlier than going through rejection. Since then, worth motion has shifted into the flag section of the construction, characterised by a interval of corrections and bounces off the higher and decrease trendlines of the flag.
The formation of a bull flag is considered a powerful sign for additional upside, particularly in bullish market circumstances. If the meme coin breaks out of this construction with sufficient quantity, it may set the stage for a sustained rally to new multi-year highs. As DOGE continues to construct momentum inside this setup, crypto analyst Fortunate famous that the rally forward “may very well be epic.”
Can Dogecoin Actually Attain $1?
Reaching the $1 goal can be a loopy milestone for Dogecoin, very like how Bitcoin broke above $100,000 for the primary time this cycle. On the time of writing, the meme coin is buying and selling at $0.3289 and has a market cap of $48.6 billion. If it had been to achieve the $1 mark, this might translate to a complete market cap of about $147.8 billion.
Though some may discover this unrealistic as a consequence of its standing as a meme coin, calculations counsel a $1 worth for Dogecoin is definitely attainable. It solely wants a few stimulants for this to occur. One such stimulant is a Dogecoin ETF, which may have the identical effect as it did for Bitcoin. If authorised, a Dogecoin ETF could considerably improve funding inflows and create sustained shopping for stress for the meme coin. One other issue that might enhance Dogecoin’s rise is broader utility, notably if it turns into an official cost choice on a serious platform like X.
Dogecoin at $1 is only a matter of time. Nevertheless, it’s also attainable that DOGE may begin to consolidate round this mark as soon as it will definitely attains it, just like Bitcoin’s current behavior around $100,000.
Featured picture from Unsplash, chart from Tradingview.com