A Dogecoin (DOGE) Bull Has Backed a Massive Surge Past Its All-Time High Following New On-Chain Formations

A Dogecoin (DOGE) bull has backed a massive surge past its all-time high following new on-chain formations.

Dogecoin (CRYPTO: DOGE) price showed signs of recovery on Thursday morning as the meme coin attempted to rise past a key price level that could propel it to new highs.

Here's a look at what happened and what could happen next.

What Happened: Dogecoin has shown small signs of growth with 6% more users engaging with the token on Thursday morning compared to the previous day. The meme coin also showed signs of price recovery, rising 2.3% over the last 24 hours.

Dogecoin is up 9% so far this month and has struggled to maintain gains. The meme coin is still down 51% year-to-date.

The recent price action comes as crypto traders continue to debate if Dogecoin could hit $1 or if the meme coin is doomed to fail.

One crypto analyst known as Dogegod is bullish on Dogecoin and used the X social media platform, formerly known as Twitter, to share a price prediction of $5.60.

"Breaking out of falling wedges, and fib levels. New all time highs coming after next bull market. GLHF (good luck have fun), " Dogegod said.

Dogecoin could be heading for a massive breakout if the price prediction comes to fruition. The cryptocurrency would need to increase in price by over 3,400% to reach the new all-time highs.

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Why It Matters: The cryptocurrency community is watching closely to see if Dogecoin can break through the $1 price level, a key psychological barrier that could lead to a mega bullish breakout.

If Dogecoin does manage to break through $1, the next level to keep an eye on would be $1.24, the highest closing price in the last 90 days.

Dogecoin has been the subject of much speculation and hype, especially during the last bull market in 2021. The meme coin is often discussed in the context of Bitcoin (CRYPTO: BTC) and altcoins, as well as meme coins like SHIB (CRYPTO: SHIB) and PEPE (CRYPTO: PEPE).

With Bitcoin price down 1.2% over the last seven days and XRP price increasing by 2.2%, several crypto whales have been accumulating the digital assets.