Is Dogecoin ready to break $1? Here’s what DOGE needs to get there

• DOGE has regained momentum after a week of consolidation within the $0.40 range. 
• To curb volatility and reach the $1 milestone, DOGE needs a “secret Santa” – a catalyst or powerful support.

The $1 milestone is back in focus, with two top altcoins reclaiming the elusive mark after years of erratic price action.

However, Dogecoin [DOGE] lags behind, failing to reach the benchmark despite a double-digit weekly surge. Memecoins’ speculative nature tends to make them more volatile than other altcoins.

Still, as the largest memecoin, Dogecoin has proven its resilience, leading the ‘supercycle’ in the previous bull run, bolstered by recurring endorsements from influential figures.

Now, with a 16% jump in the last 24 hours, outpacing its counterparts, and open interest rising, prominent analysts are speculating DOGE could hit $0.60 next. Does this put it on track to join the $1 club?

High-risk, high-reward appeal could delay $1

A week ago, DOGE entered consolidation after reaching $0.40 during the post-election cycle, following daily highs of over 25%.

A correction was inevitable as trading volume soared past 17 billion, signaling an overheated market position.

However, the pullback was brief, with DOGE rebounding in a 10% daily surge, now trading at $0.46.

This rebound reflects continued optimism among bulls, a key factor for a memecoin reliant on community support during bearish phases.

Following this momentum, market makers are now speculating whether a new leg up could push DOGE toward its all-time high of $0.73, with the $1 benchmark in sight. 

While DOGE’s nearly 30% weekly surge has positioned it at the top of the memecoin list, reaching this target may still prove challenging.

Source : Coinglass

Interestingly, spot traders have accumulated nearly $180 million worth of DOGE tokens over the past week, aligning with its consolidation phase.

This suggests that savvy investors have capitalized on the ‘dip,’ purchasing DOGE at a discounted price and effectively sidelining bears from challenging its upward momentum.

A Bitcoin post-halving pattern has further fueled optimism, with projections of a massive DOGE rally by quarter-end and a parabolic run potentially materializing by 2025.

Open Interest has reached a record $3.77 billion, with futures traders betting on further price gains.

Despite these bullish indicators, Dogecoin faces risks. Its RSI has entered the overbought zone, increasing the likelihood of weak hands shaking out and triggering a near-term correction. 

Unlike altcoins often held long-term despite pullbacks, memecoins like DOGE are typically favored for their “high-risk, high-reward” appeal.

This inherent volatility leaves them vulnerable to abrupt market swings, presenting the biggest challenge to DOGE’s $1 milestone.

How can DOGE overcome volatility to hit $1?

To reach $1 from its current market value of $0.46, DOGE would need to increase by approximately 117.39%. Over the past 30 days, DOGE has surged over 200%, driven by both macroeconomic trends and micro factors.

While Elon Musk’s support might offer temporary boosts, sustained momentum will depend on large HODLers stepping in during volatile periods to counteract market turbulence caused by rapid trader movements.

Over the past 30 days, whales have steadily withdrawn DOGE from exchanges.

Notably, a more aggressive accumulation began 10 days ago, with approximately 1.12 billion tokens scooped up, driving DOGE past the critical $0.40 psychological resistance.

Source : IntoTheBlock

This underscores how whale support is crucial for Dogecoin to surpass key price targets.

Read Dogecoin’s [DOGE] Price Prediction 2024–2025

While the indicators mentioned above could propel DOGE toward $0.60, breaking resistance and reaching the $1 mark will heavily rely on backing from large HODLers. 

Therefore, monitoring whale activity regularly is vital to forecasting potential price movements.