Can Dogecoin reach $1? Inside the numbers

• DOGE shed its 7th April’s gains as its price moved marginally in the last 24 hours.
• Technical indicators and metrics looked bullish on the meme coin.

Dogecoin’s [DOGE] sudden pump on the 7th of April grabbed the attention of the entire crypto market as its price rose by 8% and its value touched $0.204.

However, its price plummet a mere few hours later caught investors off-guard. 

But if DOGE does manage to start, and sustain, a bull rally, what are the targets that investors should expect the meme coin to reach during this summer?  

Dogecoin is volatile 

According to CoinMarketCap, DOGE’s price was up marginally in the last 24 hours. At press time, it was trading at $0.1965 with a market capitalization of over $28.2 billion, making it the eighth-largest crypto.

AMBCrypto’s look at IntoTheBlock’s data revealed that despite the recent volatility in price, more than 88% of Dogecoin investors were in profit.

Then, we checked Hyblock Capital’s data to see what might be the immediate next targets for DOGE if it begins a bull rally. Our analysis revealed that DOGE’s liquidation will rise sharply near the $0.208 mark.

A rise in liquidation often causes a price correction. Therefore, if DOGE is to correct, it has to first reach $0.208. Going northwards, a rise in liquidation will be likely in the next possible target of $0.22.

Source: Hyblock Capital

What to expect from DOGE in Q2?

AMBCrypto then planned to check the meme coin’s weekly chart to find more possible targets. As per our analysis, if a bull rally actually happens, DOGE might touch $0.349 in the coming weeks.

Source: TradingView

Considering the utopian situation of DOGE sustaining its bull momentum, DOGE could hit $0.5 and then reach its all-time high of $0.7 this summer.

Such bullish momentum can also result in DOGE pushing its limit and reaching a new ATH of $1.

Since the $1 target seems ambitious, AMBCrypto analyzed DOGE’s technical indicators to find out what to expect from the meme coin in the short term.

As per our analysis, the Relative Strength Index (RSI) was resting above the neutral mark. The MACD also displayed the possibility of a bullish crossover soon, hinting at a bull rally.

Source: TradingView

Read Dogecoin’s [DOGE] Price Prediction 2024-25

Apart from technical indicators, investors’ confidence in the meme coin also seemed pretty high. This was evident from the rise in Weighted Sentiment, which indicated that bullish sentiment was high.

If DOGE’s trajectory continues unabated, then the meme coin could turn bullish, which could help it cross the coveted $1 target in Q2.

Source: Santiment