The Dogecoin price stabilized in the past two weeks, coinciding with the ongoing consolidation in the crypto industry. After bottoming out at $0.1420 this month, the coin bounced back by 35% to $0.1895, its highest level since March 9. So, can the DOGE token jump by 500% and hit $1 by April 30th?
Dogecoin Price Technical Analysis
The weekly chart shows that the DOGE price peaked at $0.4825 in November, as most cryptocurrency prices soared after Donald Trump’s election victory. This win elevated Elon Musk to head the Department of Government Efficiency (DOGE), which is tasked with cutting government spending.
Elon Musk is a prominent Dogecoin supporter, with Tesla accepting the coin for some of its accessories.
Like other coins, it dropped sharply and retested the crucial support at $0.15, coinciding with the 100-week moving average. It has now formed a small doji candlestick and risen for two consecutive weeks.
Most importantly, Shiba Inu has formed a rising broadening wedge, known as a megaphone, which is a common bullish pattern.
Therefore, the Dogecoin price will likely have a strong bullish breakout and possibly retest the upper side of the megaphone at $0.27, about 42% above the current level. A move above that level will signal more gains, reaching last year’s high of $0.4822.
The alternative scenario is that the coin drops below the 100-week moving average and hits the lower side of the channel at $0.09.
DOGE price chart | Source: TradingView
Will DOGE Price Hit $1 by April 30?
Dogecoin’s price needs to surge by almost 500% to reach $1. Such parabolic moves are possible in the crypto industry. For example, Ripple and Stellar prices jumped by over 500% in November after Trump won the election.
Mantra price has surged by over 2,000% since 2024, while other meme coins more than doubled during the recent meme season.
However, it is highly unlikely that a mature coin like DOGE will surge and hit $1 by April 30 because the giant megaphone pattern has formed on the weekly chart. Historically, signals on the weekly chart take a lot of time to complete.
DOGE would need two catalysts to reach $1. First, the Bitcoin price must be in a strong bull run for it to happen. Such a move would push other cryptocurrencies much higher in the long term.
Second, catalysts such as the approval of a DOGE ETF and inclusion in the US Strategic Crypto Reserve are needed. Polymarket data shows that the odds of a spot DOGE ETF have risen to 72%, while the creation of a US Strategic Dogecoin Reserve is at 12%.
READ MORE: Buy, Hold, or Sell? Shiba Inu Price Prediction for April 2025
