Let’s Be Honest, Will Dogecoin Price Hit $1 in 2024?

Dogecoin (DOGE) price, a major meme-based crypto, saw a slight rise in intraday trading as it gained momentum for a short-term upward correction. The recent uptick reflects positive buying pressure as DOGE stabilizes near a critical support level, suggesting market resilience. 

Over the past week, DOGE has shown substantial price fluctuations, gaining notable traction. Market analysts are watching closely, speculating that Dogecoin could push toward the much-anticipated $1 mark if current trends persist.

Analyst Predicts Dogecoin Price Could Surge Beyond $1

Crypto analyst has ignited excitement among Dogecoin enthusiasts, suggesting that the crypto is on the verge of a major breakout.  Historical data supports this outlook, as previous breakouts led to staggering gains, such as a 92x increase in 2018 and an astonishing 300x spike during the 2021 bull run. Current charts indicate that DOGE could repeat this pattern, positioning 2024 as a potentially monumental year.

This possibility of reaching $1 or even going beyond is stirring optimism in the crypto community. “I’ve held onto DOGE for years, and if it hits $1, that’s a massive win,” commented an analyst, a long-time supporter. 

However, the chart analysis suggests that $1 might be a modest target. The last two major breakouts hit ambitious targets and far exceeded them. If the meme coin follows a similar path, some investors believe it could surpass the expectations of even the most optimistic holders.

Analyst predicts A short-term 27% DOGE surge.

The crypto expert suggests Dogecoin price prediction could see a significant rally if it surpasses a key resistance level. If DOGE can break through the $0.169 barrier. It may initiate a potential 27% surge, targeting a price of around $0.209. 

If #Dogecoin $DOGE breaks above the $0.169 resistance, we could see a 27% rally up to $0.209! pic.twitter.com/seVi6gdoH5

— Ali (@ali_charts) November 2, 2024

At the time of reporting, the latest DOGE price, at $0.1615, shows signs of upward momentum.

The latest Dogecoin market analysis reveals significant insights on “In and Out of the Money” holders. Currently, 84.10% of DOGE holders are “In the Money,” holding positions below or at profitable levels, amounting to 132.82 billion. Meanwhile, 9.80% are “Out of the Money,” holding about 15.48 billion DOGE. The remaining 6.10%, representing 9.63 billion DOGE, are “At the Money,” with positions near breakeven.

With current technical indicators showing a favorable setup for sustained growth, the analyst’s outlook for DOGE in 2024 could be a game changer for those betting on a new wave of crypto excitement. If the predicted breakout unfolds, 2024 could see Dogecoin reach and exceed the long-awaited $1 mark.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.