Dogecoin price rises 170% in a month – can it break the $1 mark?

Dogecoin (DOGE) is making headlines again with its impressive rally. The meme-inspired cryptocurrency is currently trading at $0.41 and is up over 170% in the last month. After briefly surpassing $0.40, DOGE experienced a slight decline but continues to show bullish signs.

As analysts predict further growth, the question remains: Can Dogecoin reach and maintain the psychological level of $1?

Prominent analysts believe that Dogecoin’s bullish trend is far from over. Alan Santana, a respected market watcher, notes that DOGE is experiencing its first significant upward month since the 2021 bull run. He highlights that the token recently broke out of a three-year period of consolidation, which could pave the way for significant gains.

Santana predicts occasional corrections, but emphasizes that the rally is just beginning.

Kevin Capital, another analyst, expressed similar optimism on social media, stating that DOGE could continue its rally if it maintains key price levels and favorable relative strength index (RSI) conditions. He also notes that DOGE needs to overcome resistance at $0.43 and $0.49 before approaching the $1 milestone.

What happens when DOGE hits $1?

Reaching $1 would pose a significant psychological hurdle for Dogecoin. However, maintaining this level depends on several factors, including:

• FOMO (fear of missing out): Continued market hype could increase buying pressure.
• Whale activity: Large purchases by influential owners can drive up prices.
• Elon Musk’s influence: The billionaire’s posts often trigger DOGE rallies.
• Bitcoin’s Performance: A stable BTC uptrend supports the overall market sentiment.

If these factors align, DOGE could move higher. However, a failure in any of these areas could result in a decline below $1, erasing recent gains.

Investors are advised to proceed with caution as Dogecoin is a volatile asset due to its reliance on hype and speculation. While $1 is on the horizon, the journey beyond remains uncertain.

Also Read: Ripple’s XRP Becomes Third Largest Crypto Asset by Market Cap