- Dogecoin is showing signs of a strong recovery after a recent dip.
- Analysts predict a potential surge towards the $1 mark, driven by bullish sentiment.
Dogecoin is on the move, gaining momentum as it bounces back from a slight downturn. Recent charts suggest a promising breakout could be on the horizon, potentially pushing the price closer to the coveted $1 level.
Dogecoin’s Path to $0.90: Analysis and Predictions
Dogecoin (DOGE) is making strides toward the $1 target following a robust recovery. The immediate goal for the meme coin is set at $0.1850, fueled by growing bullish sentiment in recent weeks.
Adding to the positive signals, Dogecoin broke and closed above its 1-day Moving Average 1D MA50 two days ago for the first time in three months, since January 18, 2025. This breakout follows a rebound on the 2-year Higher Lows Zone.
This move is considered a significant bullish development because historically, each time Dogecoin has closed above its 1D MA50 after testing the Higher Lows Zone, it has initiated a major bullish phase within the current bull cycle.
Coincidentally, the 1-Day Relative Strength Index RSI also indicated a substantial Bullish Divergence at that bottom, consistent with previous bottoms over the past two years.
According to crypto analyst BitGuru, Dogecoin has the potential for a significant rally beyond $0.1850 soon. In an analysis shared on X, BitGuru suggests that the push toward $1 will happen in the next price surge, but certain conditions must be met.
First, Dogecoin needs to maintain its position above the $0.1666 level to kickstart the rally toward $0.1850. A fall below this level could send Dogecoin back down to around $0.1524, dampening the enthusiasm for a rally. BitGuru points out that Dogecoin is recovering after a drop to $0.1524, forming what he calls a “classic cup-shaped recovery.”
$DOGE just completed a classic cup-shaped recovery and is stabilising above key support. Bullish momentum is clearly building. If the price holds this level, we’re likely heading toward a fresh breakout above $0.1850 in the next leg up.
BitGuru stated.
BitGuru didn’t provide a specific timeframe, optimism for Dogecoin reaching $1 is high.
Currently, Dogecoin’s metrics look promising after its recent recovery. DOGE is currently trading at $0.1828, up 8% in the past 24 hours, and the seven-day charts show a near 20% gain for the meme coin. Dogecoin is working to offset its 30-day decline of 5.47% with this new surge as it consolidates its one-year gains. Despite these positive figures, transaction volumes are down 13%, sitting at below $ 1.45 B.
Adding to the positive outlook, another crypto analyst, Master Kenobi, believes that Dogecoin could reach a new all-time high within 55 days, targeting a valuation of $0.90 by mid-June. Coinglass data also reveals that Dogecoin’s futures Open Interest (OI) has jumped to 9% currently, reaching $2 billion, highlighting increasing market interest and potentially paving the way for further bullish movements.
But amid the recent optimism, there are concerns that Dogecoin’s price could be affected by speculation surrounding Elon Musk’s departure from the Securities and Exchange Commission and how that might impact his involvement with Dogecoin. This could lead traders and investors to panic sell, causing short-term price volatility. Nevertheless, global reports suggest that the likelihood of any lasting negative impact is minimal.