DOGE Price Stable After 167% Monthly Rally, Is $1 Within Reach?

Dogecoin continues to command attention. That is not just for the remarkable 167% of DOGE price rally this month, but also for its surprising stability in a highly volatile crypto market.

While Bitcoin’s (BTC) meteoric rise has eclipsed most altcoins, Dogecoin’s growing network activity and resilient price action have kept it in the spotlight. The question on everyone’s mind: could DOGE finally make a run for the coveted $1 mark?

Bitcoin’s Dominance and Dogecoin’s Standout Performance

In reaction to this, Billy Markus, the co-founder of Dogecoin, took to X to share his thoughts regarding Bitcoin’s domination by sharing a meme that underscored the unmatched upward trajectory of the leading coin as compared to the rest of the tokens.

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Bitcoin soaring past $97,000, which is 8% up over the last week, has pushed ETH, DOGE aside.

On the other hand, Ethereumdropped by -2.85 % to $3,140; DOGE remained flat at $0.39. However, these pundits believe that Dogecoin has considerable prospects for growth.

Will DOGE Price Rally to $1?

Prominent crypto analyst Cobra Vanguard has identified a bullish setup on Dogecoin’s weekly chart, which features a rounded bottom pattern. According to Vanguard, this formation, which has been developing since 2021, is a precursor to a major breakout.

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The analyst predicts an AB=CD harmonic pattern that could propel DOGE to $0.68 in the short term, followed by $1—a key psychological level.

This projection is supported by a 1,241% Fibonacci extension and increasing buy-side volume. According to Vanguard,

“Dogecoin’s breakout above $0.35 signals renewed bullish momentum…The alignment of volume and price trends echoes early 2021, suggesting a rally is imminent.”

Network Metrics Bolster Optimism

Dogecoin’s fundamentals remain robust. Active addresses reached a record 1.33 million, underscoring heightened network activity.

Transaction volumes are also rising, reflecting increased adoption and investor confidence. Historically, such metrics have been strong indicators of upward price movements.

Santiment data shows the Daily Active Addresses (DAA) Divergence is flashing a strong buy signal, reinforcing bullish sentiment. Combined with macroeconomic factors like Bitcoin’s rally, these metrics position DOGE for sustained momentum.

Dogecoin is consolidating at $0.39, testing key resistance at the 0.786 Fibonacci retracement level. A breakout above $0.44 could propel DOGE to $0.48, the upper Bollinger Band level. From there, Fibonacci extensions suggest resistance zones at $0.63 and $0.95 before DOGE approaches $1.

However, risks persist. A dip below $0.36 could push the price to $0.29 or lower, testing the 0.618 Fibonacci retracement level. Tightening Bollinger Bands indicate an imminent breakout, but the direction remains uncertain.

Should Investors Hold or Sell?

When asked whether to hold or sell DOGE, co-creator Markus responded with characteristic humor, sharing a GIF captioned “No Idea.” Markus, known for his skeptical stance on speculative trading, has minimal holdings in DOGE and BTC.

For investors, Dogecoin’s alignment of strong fundamentals, growing adoption, and bullish technical setups makes it an intriguing prospect. While Bitcoin sets the pace, DOGE appears poised to chart its own course, with $1 no longer a distant dream but a tangible possibility.

Dogecoin’s stability and robust metrics position it as a standout in the altcoin market. With analysts pointing to a potential breakout and a community-driven narrative, the meme coin could redefine its role in the crypto space. Will Dogecoin finally reach $1? The coming weeks may hold the answer.