Dogecoin (DOGE) Price Prediction: DOGE Eyes a Move Above $1 in February

Dogecoin (DOGE), the largest meme coin in the crypto industry, climbed to a high of $0.3340, gaining 12% from its lowest point this week.

Dogecoin (DOGE) price enjoyed a strong bullish momentum in the last week of January, rising from a low of $0.29 to highs around $0.3391. This marked a gain of 12% at the highest point.

The meme coin began the week trading at $0.31, quickly dropping to a low of $0.29 on 24-hour timescales. However, buying pressure emerged at this level, pushing prices higher. Dogecoin rallied to highs of $0.3340 on Friday, converging toward a resistance zone.

Key to Dogecoin's bullish performance was the announcement by Grayscale, the world's largest digital currency asset manager, regarding the launch of a new accredited investor fund. In a statement, Grayscale highlighted Dogecoin's evolution from a meme coin to a critical player in global financial inclusion.

Meanwhile, optimism surged among crypto investors over the possibility of the Securities and Exchange Commission approving a spot Dogecoin exchange-traded fund. According to Polymarket, the odds of approval reached a record high of 56%,大幅上涨 from 27% earlier this month. Notably, Rex Shares and Bitwise have filed for a spot DOGE ETF.

Some analysts anticipate that the approval of a spot Dogecoin exchange-traded fund would trigger a bullish event, potentially driving the coin toward the $1 mark in February. At press time, moving from the current $0.3391 to $1 would represent an increase of nearly 200%, an occurrence that is not uncommon within the cryptocurrency market. If realized, Dogecoin's market capitalization would reach approximately $150 billion.

Four Things That Need to Happen for DOGE Price to Get to $1 in February

1. The Securities and Exchange Commission must be prepared to approve more crypto ETF applications. In this scenario, DOGE will likely get the green light since it is a proof-of-work coin, similar to Bitcoin (CRYPTO: BTC).

2. Bitcoin must maintain its bullish momentum. Notably, altcoins like Dogecoin and Shiba Inu (CRYPTO: SHIB) tend to perform well when Bitcoin thrives.

3. The United States must release encouraging inflation readings, which could increase the likelihood of the Federal Reserve cutting interest rates sooner than anticipated.

4. Dogecoin's technical indicators must align for the price surge to materialize. On a positive note, DOGE has moved above a key resistance level at $0.2278, which was the highest swing on March 25 and the neckline of a slanted triple-bottom pattern.

Moreover, Dogecoin has formed a bullish pennant pattern, consisting of a tall flagpole followed by a symmetrical triangle. This pattern often precedes further gains as the two trend lines approach their convergence point.

Finally, like Stellar Lumens (CRYPTO: XLM), Dogecoin appears to be in the fourth wave of the Elliott Wave pattern, suggesting that the next move could be the fifth and final bullish wave. In this scenario, DOGE’s price could rise to the 78.6% Fibonacci retracement level at $0.6086, followed by a retest of its all-time high of $0.7600. A breakout above $0.7600 would strengthen the case for a rally toward $1.