Dogecoin (DOGE) price has recently retreated from its highest level this month, entering a technical correction. The price has slipped to $0.4050, following a strong rally that lost momentum. However, many still believe Dogecoin has the potential to reach $1 this year.
The current correction, defined as a drop of 10% from a local peak, coincided with a decline in Bitcoin’s price, which fell from around $100,000 to $95,000. Cryptocurrencies often experience sharp declines when Bitcoin pulls back. Despite this, analysts remain optimistic about DOGE’s future, citing several catalysts that could drive the price higher in the coming weeks. Hov, a crypto analyst who has previously made positive predictions for Dogecoin, continues to forecast a bullish trend for the coin. He expects DOGE to rise between $2.20 and $3.46 in the ongoing bull run. A rise to the upper end of his target would represent a 650% increase from current levels.
The weekly chart shows that Dogecoin has been in a strong bull run recently. It recently broke through a key resistance level at $0.2308, which had been its highest point since March 12. Surpassing this level negated a double-top pattern that had been forming. Dogecoin then surged to $0.4811, just shy of the psychological $0.50 mark. This price point also represented an extreme overshoot of the Murrey Math Lines, indicating potential for consolidation in the near term.
Analysts suggest that Dogecoin may form a bullish pennant or flag pattern as it consolidates, before potentially surging to $0.7480, its all-time high, which is roughly 85% above its current price. As for the question of whether Dogecoin can reach $1 or even $10, a move to $1 seems possible if it surpasses its all-time high of $0.7480. However, hitting $5 or $10 this year remains unlikely. Such a surge may be more feasible next year, particularly if a spot Dogecoin ETF is launched.
