This Dogecoin Chart Formation Could Send It Soaring Past $1

Investors are once again becoming drawn to Dogecoin (DOGE). This time, analysts have found a pattern that could send the famous meme coin soaring past the long-awaited $1 mark.

DOGE hit its all-time high of $0.74 during the 2021 bull run, but it has since had a hard time getting back to that level. But now, one market expert thinks that the past might be about to happen again, this time with even bigger gains.

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A Pattern That Points To Rapid Growth

Chandler, a crypto analyst, says that Dogecoin has been following a familiar cycle since December 2023. The cycle has three main parts: a breakout to new highs, a brief pullback, and then a sharp rebound that goes above the previous peak. This pattern has already happened twice, and if it happens again, DOGE could be about to have a big recovery.

The most recent high of $0.85, followed by a pullback, suggests that the next move could push Dogecoin to an estimated $1.80—a gain of over 112% from its last peak.

While price patterns don’t guarantee future performance, Dogecoin’s history of explosive rallies fueled by hype, speculation, and retail enthusiasm makes such a scenario plausible.

Over the past year, every higher high $DOGE made was 112% higher than the previous one. 112% above the last top puts us at $1. 🚀🌕 pic.twitter.com/al8D86UGq0

— Chandler⚡️ (@ChandlerCharts) January 26, 2025

Market Sentiment And The $1 Psychological Barrier

Overcoming $1 has long been a psychological and technological obstacle for Dogecoin. Even though there was a lot of excitement and significant support from people like Elon Musk, the previous effort in 2021 was unsuccessful.

However, the circumstances for another breakthrough seem to be developing given Bitcoin’s continued success and the momentum that altcoins are getting.

Sentiment is a significant factor in the fluctuations of Dogecoin. In the past year, DOGE has achieved gains of nearly 200%, surpassing Bitcoin’s 110% increase. The possibility of surpassing $1 is not only conceivable, but it may occur sooner than most individuals anticipate if this outperformance continues.

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Caution Amid The Hype

Historical patterns can provide useful insights, but they are not totally reliable. The price of Dogecoin remains very volatile, and external variables such as macroeconomic conditions, regulatory changes, and larger market trends can all have an impact on its movement.

Investors who are interested in participating in the prospective breakout should exercise caution when evaluating the risks. Profits can be substantial, but pullbacks can be equally rapid due to Dogecoin’s speculative nature.

However, the forthcoming months may serve as a pivotal moment for the original meme coin, as DOGE’s chart indicates signs of life and the $1 barrier approaches.

At the time of writing, DOGE was trading at $0.2671, up 5.7% and 2.8% in the daily and weekly frames.

Featured image from Gemini Imagen, chart from TradingView