Dogecoin price has retreated from its highest level this month and entered into a technical correction. DOGE has slipped to $0.4050 in a high-volume environment as the recent momentum faded. So, can the coin still jump to $1 as many analysts expect?
Crypto analysts are optimistic on Dogecoin price
Dogecoin price moved into a correction, which is defined as a situation when an asset drops by 10% from a local top. This decline coincided with the sharp decline of Bitcoin, which moved from almost $100,000 to $95,000. In most periods, cryptocurrencies tend to drop sharply when Bitcoin retreats.
Still, crypto analysts believe that the DOGE price has numerous catalysts that could push it higher in the coming weeks. In an X post, Hov, who has provided positive Dogecoin price forecasts in the past, said that the coin was still in a bullish trend. He expects the price to jump to between $2.2 and $3.46 in the current bull run. A move to the upper side of his target would imply a 650% return from the current level.
Other analysts expect Dogecoin to do much better than that. Gladiator, an analyst with almost 8,000 followers, believes that the coin is following a similar pattern to the last cycle. He expects that the coin will surge to between $5 and $10 in the first quarter of 2025. If DOGE jumps to $10, it would point to a 2,400% jump.
While a 2,400% jump is a big one, Dogecoin has done it before as it has jumped by over 14,000% from its lowest level in 2020.
Read more: XRP Price Prediction as Ripple Enters a Bear Market
DOGE price analysis
The weekly chart shows that the Dogecoin price has been in a strong bull run in the past few weeks. It recently crossed the important resistance level at $0.2308, its highest swing on March 12 this year. Moving above that level invalidated the double-top pattern that was forming.
The coin jumped to a high of $0.4811, which was a few points below the key psychological point at $0.50, which was the extreme overshoot of the Murrey Math Lines.
Dogecoin has constantly remained above the 50-week and 200-week Exponential Moving Averages (EMA). oscillators like the Relative Strength Index (RSI) and the MACD have all pointed upwards.
Therefore, we suspect that the coin will consolidate in this range for a while as it forms a bullish pennant or flag pattern. It will then bounce back and surge to $0.7480, its all-time high, which is about 85% higher than the current level.
So, can the DOGE price jump to $1 or even $10? A move to $1 will be confirmed if the coin rises above the all-time high of $0.7480. However, a move to $5 or $10 is highly unlikely this year but next year it could, especially if there is a spot Dogecoin ETF.
