Dogecoin Price Targets Breakout To Near $1 After Classic Cup-Shaped Recovery

Dogecoin price is picking its way gingerly toward $1 after staging a recovery from a small correction. Fundamentals are bullish for DOGE, but the memecoin has to hold its own above a key support level to trigger a fresh rally.

Dogecoin Price Eyes Breakout Above $0.1850

Pseudonymous cryptocurrency analyst BitGuru says Dogecoin price can record an impressive rally above $0.1850 in the near future. According to an analysis on X, BitGuru notes that the bullish run toward $1 will occur in the next price spurt but DOGE will have to tick a few boxes.

Right off the bat, Dogecoin price will have to hold above the $0.1666 price level to trigger the rally northward of $0.1850. However, a slip below the level may see Dogecoin price fall toward $0.1524 again, dousing enthusiasm for a rally.

Doge price is staging a comeback after falling to 0.1524 in what BitGuru refers as a classic cup-shaped recovery. The charts reveal a gradual decline in DOGE price followed by a “bullish beauty” that signals a longer sustained rally.

“DOGE just completed a classic cup-shaped recovery and is stabilizing above key support,” said BitGuru. “If the price holds this level, we’re likely heading toward a fresh breakout above $0.1850 in the next leg up.

BitGuru did not give a clear timeframe for his prediction but optimism for Dogecoin price to $1 has reached a fervent pitch. At current prices, Dogecoin will have to rally by nearly 500% to reach the $1 mark buoyed by a combination of fundamentals and on-chain positives.

DOGE Numbers Are Nothing Short Of Impressive

At the moment, the metrics around DOGE are red-hot and glowing following the impressive recovery. Over the last 24 hours, Dogecoin price is up by nearly 4% while seven-day charts are indicating a near-20% increase for the memecoin.

DOGE is trying to cancel out its 30-day 5.47% decline with the new run in form as it consolidates its one-year gains. Despite the impressive figures, transaction volumes are down by 14% just shy of the $1.5 billion mark.

Amid the optimism from the just concluded DOGE day, there are fears that Dogecoin price will tumble as chatter of Elon Musk departure from DOGE gains traction.

Cryptocurrency analyst Master Kenobi argues that DOGE can reach a new all-time high within 55 days. Master Kenobi hinges his prediction on Dogecoin price breaking past a trendline with the analyst tipping a valuation of $0.90 in mid-June.

 

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