Dogecoin’s value motion stays a matter of debate amongst crypto traders on social media, with a widely known analyst pointing to a significant breakout sample that would ship DOGE hovering towards $1. Popular crypto analyst Lucky (@LLuciano_BTC) recently shared his bullish outlook together with his 2.2 million followers on X, stating that the coveted $1 value goal for Dogecoin is now solely a matter of time.
Bull Flag Pattern Signals Strong Momentum
Although Dogecoin has proven robust bullish momentum at varied factors, it has yet to surpass its all-time excessive of $0.7316 on this cycle. However, many DOGE fans stay bullish on the meme coin, with lots of them trying ahead to an eventual break above $1 this bull cycle. Ironically, Dogecoin hasn’t even damaged above $0.5, which is the midway mark to achieve the $1 goal. Nonetheless, crypto analyst Lucky famous that it’s solely a matter of time earlier than DOGE begins to commerce at $1.
Lucky’s confidence is based on a technical sample forming on Dogecoin’s value chart. Sharing his outlook in a put up, he highlighted a bull flag formation on the every day candlestick timeframe. Interestingly, this bull flag has been in formation since November 2024, making it a multi-month sample.
The sample started with a robust rally in mid-November till it reached a multi-year excessive of $0.484 in early December earlier than going through rejection. Since then, value 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 thought to be a robust 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 Lucky famous that the rally forward “could be epic.”
Can Dogecoin Really Reach $1?
Reaching the $1 goal can be a loopy milestone for Dogecoin, very similar to how Bitcoin broke above $100,000 for the primary time this cycle. At 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 have been to achieve the $1 mark, this is able to translate to a complete market cap of about $147.8 billion.
Although some would possibly discover this unrealistic as a result of its standing as a meme coin, calculations counsel a $1 value for Dogecoin is definitely doable. 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 accepted, a Dogecoin ETF could considerably improve funding inflows and create sustained shopping for stress for the meme coin. Another issue that would enhance Dogecoin’s rise is broader utility, significantly if it turns into an official fee choice on a significant platform like X.
Dogecoin at $1 is only a matter of time. However, it’s also doable that DOGE may begin to consolidate round this mark as soon as it will definitely attains it, much like Bitcoin’s current behavior around $100,000.
Featured picture from Unsplash, chart from Tradingview.com
