Dogecoin (DOGE) Primed for Another Major Impulse Move, Aims to Reclaim $1 Target

Cryptocurrency expert Ali has highlighted Dogecoin's historical price surges, noting that the token soared by 9,720% in 2017 before stabilizing.

Dogecoin has experienced historical price surges, rising by 9,720% in 2017 and 30,700% in 2021. These surges were marked by multiple retests and dips, ultimately helping the token reach impressive heights.

According to Cryptocurrency expert Ali, Dogecoin experienced two major corrections during its 2017 surge. The token encountered a 40% pullback early on and later faced an 84% correction before resuming its upward trajectory.

“In 2017, #Dogecoin surged 9,470%, encountering two major corrections along the way — one at 40% and another at 84%. In 2021, $DOGE rocketed 30,700%, again seeing two key pullbacks of 46% and 53%,” said Martinez.

Dogecoin's Impressive 240% Monthly Gain

Despite occasional fluctuations, Dogecoin continues to rise, currently trading at $0.39, up 8% in the last 24 hours. Ali encourages investors to stay patient and not worry about the occasional dips, highlighting the importance of patience and conviction for those aiming to become “true #DogecoinMillionaires.”

Over the past 30 days, Dogecoin has seen a 240% increase, pushing its market capitalization to $60 billion. These gains have drawn attention from retail investors and analysts, making DOGE a top contender among the best cryptocurrencies to buy now.

Technically, Dogecoin has crossed above its 20-day EMA at $0.215 and its 50-day EMA at $0.166, further strengthening its bullish trend.

Dogecoin's Market Value to Realized Value (MVRV) ratio is currently at 2.7, indicating an uptrend despite approaching an overvaluation zone. On the weekly chart, a cup and handle pattern has formed, usually signaling a bullish reversal, with some projecting a potential target of $1 — a 163% increase from the present price.

Dogecoin's network activity and investor interest have also surged. According to IntoTheBlock, Dogecoin's relative strength index has climbed above 80, putting it in overbought territory.

“Relative Strength Index (RSI) is a momentum indicator used to measure the magnitude of recent price changes to evaluate overbought or oversold conditions. It typically ranges from 0 to 100, with high values indicating overbought and low values indicating oversold,” explained an Investopedia article.

However, analysts caution investors to tread carefully due to the token's volatility, which can lead to substantial gains during bull markets but also significant losses during bear markets. Key resistance points are at $0.5 and $0.76, while support levels are at $0.35 and $0.2.

According to IntoTheBlock, Dogecoin's network has processed over 6 million transactions in the past week, highlighting the increasing activity on the memecoin's chain.

Furthermore, Santiment data shows a rise in wallet addresses holding less than 100,000 DOGE, indicating growing interest from smaller investors in the token's price movements.

Dogecoin May Still Have Room to Grow, Say Influential Crypto Voices

Some influential crypto voices suggest that Dogecoin may still have room to grow. Crypto Kaleo has observed that Dogecoin appears to be at the beginning of another major impulse move, following a pattern of rallying around 200 days after each Bitcoin halving.

“I’ve noticed that $DOGE tends to top out around 200 days after each $BTC halving. We just hit day 194,” said Kaleo in a recent tweet.

This trend, combined with recent political developments, supports the potential for significant gains.

“I think we’re looking at something like $0.90 to $1.10 before the next meaningful pullback. But I wouldn’t rule out $1.40 to $1.60 before that happens,” stated Kaleo.

Donald Trump's recent election victory and his appointment of Elon Musk to lead the Department of Government Efficiency have added symbolic momentum to the memecoin's rise.

“Trump won again and appointed Elon to lead the Department of Government Efficiency. This is good for dogecoin because Elon,” tweeted dogecoin enthusiast Shibetoshi.

With its current momentum, many investors are eyeing the $1 mark as a potential price target for Dogecoin. The combination of strong community support, favorable market conditions, and significant investments from major players positions Dogecoin as a top contender in the cryptocurrency market.