Will Dogecoin Hit $1 This Year? Or Should Investors Turn to This Altcoin Launching Soon?

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Starting as a meme coin, Dogecoin has sparked much discussion in the crypto world, with many curious about its chances of hitting the $1 milestone.

This article delves into Dogecoin’s current status, potential future directions, and a fresh project taking advantage of the meme coin trend.

We rely on technical analysis and expert insights to forecast where Dogecoin’s price might go this month.

Expert predicts DOGE price will jump soon

Crypto analyst Ali Martinez, in an analysis shared via X, explained Dogecoin’s (DOGE) ongoing price correction, suggesting it’s a consistent precursor to major bull runs. Martinez drew on historical patterns to forecast future price movements.

Martinez focused on the “descending triangle” chart pattern, a bearish formation where the price follows a downward trendline intersecting a flat support line. While this pattern typically indicates a continued downward trend, Martinez believes it precedes significant bullish breakouts for Dogecoin.

According to Martinez, Dogecoin’s trading history shows this pattern’s importance. In 2017, DOGE broke out of a descending triangle, retracing by 40% before embarking on a 982% bull run. Similarly, in 2021, DOGE broke out of a descending triangle, retracing by 56% before soaring by 12,197%.

Martinez pointed out that these retracements aren’t random but align with Dogecoin’s behavior in previous cycles, indicating potential for explosive gains.

In the current market conditions of 2024, DOGE has broken out of a descending triangle again, undergoing a 47% price correction similar to previous cycles, suggesting the possibility of the next DOGE bull run.

This analysis suggests that the current market downturn might be a good buying opportunity ahead of potential gains, emphasizing Dogecoin’s cyclical price movements of sharp declines followed by dramatic recoveries.

Martinez concluded by speculating that based on past trends, DOGE might surge towards $1 in the coming weeks.

Dogecoin price prediction

Currently, Dogecoin is trading at $0.19, marking an 18% increase for the day. Recent trends indicate a 13% rise for the week and an 11% decline for the month. Despite this volatility, trading volume has surged impressively by 97.91%, and Dogecoin’s market cap stands at $23.7 billion.

These fluctuations highlight the volatile nature of cryptocurrencies, where rapid changes are common. A significant event in Dogecoin’s recent history was Elon Musk’s appearance on Saturday Night Live, where he promoted the coin, sparking a frenzy of interest.

However, this hype has calmed down, leaving Dogecoin to deal with its intrinsic value and market dynamics. Looking at the Dogecoin price movement in CoinMarketCap, the token’s key market indicators are showing a bullish trend.

Dogecoin’s price has reached a key support level after dropping over 47% of its value in its most recent pullback. While it fell from its peak Q1 levels of $0.22, it found support near the $0.12 level. Since March, the $0.12-support has been important for bullish rebounds. Will it hold again for a bullish reversal?

The market capitalization of DOGE is now $23.7 billion, with a 24-hour trading volume of $2.44 billion. Both the Dogecoin trading volume and market cap are gaining momentum, which could trigger a rally. Since the DOGE market sentiment is bullish, some analysts predict the price to reach $0.5 in Q3 and $1 by the end of the year.

Potential Dogecoin alternative: Last chance to buy before the launch

In light of the recent surge in the meme coin market, Dogeverse (DOGEVERSE) aims to be the first Doge token compatible with multiple blockchains. This new Dogecoin-inspired meme has raised over $13 million during its presale, as announced on their website, signaling the final opportunity to buy before the launch.

Currently priced at $0.00031 per token, investors need to act quickly as it’s selling out rapidly. Potential investors can visit our guide on how to buy Dogeverse tokens here. With Dogeverse’s presale hard cap set at $17 million, a sell-out is on the horizon.

🚀 We Did It! $13 Million. 🤯
$DOGEVERSE the first #Doge #Presale spanning #Ethereum, #BNB Chain, #Polygon, #Solana, #Avalanche, and #Base…and it’s showing!
Cosmo is wagging his tail in appreciation, and so are we! 🌍🐕
The #Presale is still ongoing 💥 #MemeCoinSeason pic.twitter.com/GIUWSBCYcH
— DogeVerse (@The_DogeVerse) May 2, 2024

Dogeverse also offers a staking feature, allowing buyers to stake $DOGEVERSE and earn an APY of 80% currently. Dogeverse is making strides in the meme coin market by integrating across major blockchains such as Ethereum, BNB Chain, Polygon, Solana, Avalanche, and Base.

This multichain compatibility allows for token swaps for DeFi opportunities and cross-chain functionalities through protocols like Wormhole. Such versatility offers the project a plethora of utility integration possibilities, attracting speculative interest across various blockchain communities.

The token’s upcoming listings on both decentralized (DEX) and centralized (CEX) platforms are highly anticipated events. You can explore the potential future of Dogeverse through our $DOGEVERSE price prediction.

You can stay updated on Dogeverse by following them on X (Twitter) and joining their Telegram group for the latest updates. To participate in the $DOGEVERSE token presale, visit thedogeverse.com.

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