Will Dogecoin Reach $1 in 2024? Analyst Predicts Strong Rally Ahead

A recent post on X has caught the attention of the crypto community, with a trader predicting that Dogecoin (DOGE) might soon hit a new all-time high. With Dogecoin’s recent price movement showing promising signs, traders are speculating that a big price surge could be coming soon.

Analyst Bluntz Predicts Big Gains for DOGE

Pseudonymous analyst Bluntz has suggested that Dogecoin is ready for another surge after bouncing off a local bottom at around $0.339. He believes DOGE could soar to $0.85, completing a five-wave rally.

“Nothing changed, we just had a nice 23% low time frame dip I’m counting as a wave four within a monster extended wave three impulse.”

Bluntz also pointed out that DOGE’s next move might take liquidity away from smaller meme coins, which have seen a rise in activity lately.

Bluntz’s prediction is grounded in Elliott Wave theory, which suggests that a bullish asset usually follows a five-wave pattern. In this pattern, waves one, three, and five are upward moves, while waves two and four are corrective.

The analyst is hoping for a slow, steady climb in Dogecoin over the next few days, setting up for a potential breakout later in the week.

“I think DOGE is gonna gently remind everyone who the king is this week,”

Ali Martinez Sees a 120% Rally Ahead

Ali Martinez, a technical and on-chain analyst in a latest X post has shared a chart noting that Dogecoin is breaking out of a bull flag, which anticipates a 120% rally to $0.82 as long as the $0.37 support holds.

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Dogecoin’s Current Performance and Technical Indicators

At the moment, Dogecoin is trading at $0.3996, up by more than 11% in the last 24 hours, and has a market value of over $57.85 billion. Its weekly technical chart shows a “rounding bottom” pattern, which is a bullish reversal setup. When this pattern completes, it often signals a significant price rise.

Recently, Trump announced the formation of DOGE under the supervision of Vivek Rawaswamy and Elon Musk on November 12, 2024. Simultaneously, Dogecoin has surged from $0.15 to a high of $0.42 and is now trading at $0.3996. This impressive rally has ignited a buzz in the crypto community, with many speculating how far Musk’s influence could propel DOGE.

Given the current market conditions, continued investor support, and the effort to keep its price above the $0.42 mark, some analysts believe Dogecoin could eventually reach $1.

With strong technical signals, growing investor interest, and backing from influential figures like Musk, Dogecoin’s future is looking increasingly promising.