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Analyst Reveal When Dogecoin Price Could Hit $1 Based on This Pattern

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4 weeks ago

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Dogecoin price may be on the verge of another price rally, according to a market analysis comparing its current trend to the 2017 cycle. A detailed chart analysis suggests a similarity between DOGE price movements in 2017 and its trajectory in 2024.

The data shows that in 2017, the meme coin experienced a surge followed by a consolidation period lasting 115 days before another upward movement. The present cycle has now extended to 119 days, indicating a potential repeat of past trends. If the pattern holds, analysts predict DOGE price could reach the $1 mark by June 2024.

Analyst Predicts Dogecoin Price Could Hit $1 by June

Analyst Master Kenobi took to the X platform, formerly known as Twitter, to highlight a potential repetition of Dogecoin’s historical price cycle. According to his analysis, Dogecoin had a 115-day consolidation period between major price surges in 2017. The current market structure shows a similar pause, now lasting 119 days. This resemblance to past movements suggests that Dogecoin price could be approaching another breakout phase.

The analysis also points to technical indicators supporting this prediction. The Relative Strength Index (RSI) displayed a sharp increase during the initial rally in both cases, followed by a downward correction during the consolidation phase.

Once RSI stabilized in 2017, the price experienced another surge. A similar pattern appears to be forming in 2024, reinforcing the expectation of a possible upward movement.

DOGE priceDOGE price
Source: X

Historical price cycles further strengthen the argument for a potential rally. The 2017 surge followed a prolonged accumulation phase, which appears to be repeating in the current cycle. If the top meme coin follows the same trend, analysts believe the meme coin rally could push DOGE toward the $1 mark in the coming months.

Technical Indicators Suggest a Meme Coin Rally

The analysis of Dogecoin price trends incorporates several technical indicators that align with the 2017 price cycle. Moving averages, RSI, and price action suggest that the current consolidation phase may be setting up for another strong rally. 

More so, the Moving Average Convergence Divergence (MACD) indicator is signaling a potential bullish crossover as the blue MACD line is rising and appears to be crossing above the orange signal line. This crossover is a classic technical indicator of increasing bullish momentum, often interpreted as a buy signal by traders. 

Additionally, the histogram bars have transitioned to blue, reinforcing the likelihood of an upward trend. As the histogram expands positively, it suggests growing buying pressure, which could push Dogecoin’s price higher in the coming sessions. This development indicates that momentum is shifting in favor of the bulls, potentially setting up a price recovery.

Dogecoin priceDogecoin price
Source: TradingView

Furthermore, the Awesome Oscillator (AO) is reflecting a similar sentiment, as the histogram bars are beginning to lighten in color, transitioning from deep red towards green. This shift in momentum suggests that bearish pressure is weakening, and a potential reversal may be forming. If the AO continues to print green bars, it would confirm a bullish divergence, adding weight to the bullish case

At press time, the top meme coin is trading at $0.1743, reflecting a 5.34% surge in the past 24 hours. Additionally, the 24-hour trading volume has increased by 11.81%, reaching $1.16 billion, while its market cap stands at $25.89 billion, indicating strong bullish momentum.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Dogecoin Price Breakout in view as Analyst Predicts $5.6 high

Published

3 minutes ago

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April 18, 2025

By


A Dogecoin (DOGE) price breakout past its previous All-Time High (ATH) price is gradually becoming possible amid the current market setup. While still tied in a long-drawn consolidation, a potential breakout is ahead for the memecoin, according to predictions from market analysts.

Dogecoin Price and Open Interest Outlook

As of this writing, DOGE’s price has changed hands for $0.1569, which has increased by 3.3% in the past 24 hours. This price trend is a testament to how resilient the DOGE price is, having traded at a low spot value of $0.1532. The memecoin has traded at a very close range during this period.

The current DOGE outlook shows a bullish trend in the futures market as showcased by Open Interest data. Data from Coinglass pegs the total Dogecoin committed to the futures market at 9.87 billion DOGE. This was valued at $1.54 billion and has skyrocketed by more than 5% in 24 hours.

Top crypto exchanges like Binance, OKX, and Bybit saw the highest DOGE open interest record. While the price traded at a relatively close range, the open interest commitment proves that traders with leverage are betting on the asset. 

DOGE Price to $5.6?

Optimism trails Dogecoin, despite its spot value now trading down 78.71% from its ATH of $0.7376. Market analyst Dogedog told his more than 58,600 followers on X that the price of DOGE is heading to $5.6.

While Dogegod did not provide a timeline or much context for his prediction, he highlighted how the memecoin breaks falling wedges. The analyst is not alone in his projection for the coin, as an earlier DOGE price analysis, Ali Martinez, predicted a $0.29 rally for the asset in the near term.

Although this price trend is not unrealistic, the broader market slowdown may serve as a bottleneck. Key performance metrics already tipped the Dogecoin price in line for a short-term breakout. With trading volume up 6% to more than $586 million as of writing, retail interest in the coin has further skyrocketed.

Dogecoin remains the lead among altcoins being considered for an exchange-traded fund (ETF) product. As reported earlier by CoinGape, 21Shares filed for a spot Dogecoin ETF, the latest asset manager to make the move. The belief is that an approval can usher in institutional funds, which can help fuel the coin’s price growth.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

Follow him on X, Linkedin

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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CZ Honors Nearly $1 Billion Token Burn Promise

Published

6 hours ago

on

April 17, 2025

By


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The BNB Foundation has reached its 31st quarterly token burn, taking 1,579,207 tokens out of circulation. This colossal decrease, valued at about $916 million at today’s prices, reaffirms the project’s long-standing dedication to reduce its overall supply.

Burn Size Records Marginal Decline From All-Time High

The latest burn is reported as a dip from the previous quarter’s all-time record. The 30th quarterly burn destroyed 1.634 million tokens worth approximately $1.16 billion. The earlier burn destroyed 1.524 million tokens via the Auto-Burn system and approximately 110,000 units via the Pioneer Burn Program. The latest burn didn’t see any tokens from the Pioneer program.

Token Supply Close To Halfway Point To Achieve Target Goal

By means of this last cut, BNB has collectively burned around 40.89 million tokens now. At a price of $581 per token, this equates to the value of some $23.75 billion eradicated from supply forever.

The original plan in the ecosystem as described in its whitepaper has been to halve the entire supply from 200 million down to 100 million tokens. The supply that exists now amounts to about 139.311 million tokens, leaving the token almost halfway toward its final mark.

BNB is currently trading at $583. Chart: TradingView

Market Position Continues Strong Even Amid Community Worries

The circulating supply continues to be the fifth-largest in market capitalization, with its value at around $81 billion. It is the leading exchange token in the market.

Some of the community members have raised the issue of whether it is rational to burn amounts this big when the money can be used to fund marketing initiatives instead.

Asked how these issues can be addressed, Binance founder Changpeng Zhao replied that the burn mechanism is a promise set forth in the token’s whitepaper, remarking simply: “A promise is a promise.”

Multiple Burning Methods Drive Systematic Supply Reduction

According to data from the foundation, BNB has two mechanisms in place to control its token supply. The first is the quarterly Auto-Burn which varies according to price and network usage. The second occurs real-time via BEP95, burning tokens within gas fees network-wide. All tokens burned are directed into a provable “black hole” address where they are irretrievable from circulation.

The Binance coin token has various roles in its ecosystem, fueling transactions on BNB Smart Chain, opBNB, and Greenfield networks. In addition to paying for transaction fees, it is used as a governance token and reserve asset and also fuels ecosystem growth.

Featured image from Pexels, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.





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Coinbase Reveals Efforts To Make Its Solana Infrastructure Faster, Here’s All

Published

7 hours ago

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April 17, 2025

By


Coinbase exchange has made significant improvements to its Solana network infrastructure to enhance speed, resiliency, and scalability. The exchange further said that certain technical improvements have been implemented that have boosted performance numbers for Solana transactions on the exchange.

Coinbase doubles down on Solana ecosystem commitment

As per Coinbase’s announcement, the enhancements comprise asynchronously processing transactions. This has seen block processing throughput increase five times. The company has also introduced bare metal machines that have seen RPC (Remote Procedure Call) performance improve four times. These enhancements come with better failover mechanisms, liquidity optimizations, and enhanced operating controls to enhance the overall system resilience.

Coinbase upgraded its infrastructure, which means it wants to improve its Solana features as more and more people use the blockchain. The exchange highlighted that these technology upgrades will enable it to process transactions more effectively and dependably for senders and receivers of SOL and Solana tokens.

Coinbase said that this work is part of their dedication to achieving the best performance for Solana transactions. The company said that they will keep working on it and plan to invest more in Solana infrastructure to keep up with the growing demand as the network grows.

The upgrades are happening now because more institutional investors and developers are becoming interested in Solana. Coinbase has changed how it manages Solana’s fast blockchain by processing transactions at the same time. The announcement comes as Canada is set to approve multiple spot Solana ETFs this week.

SOL price shows bullish indicators amid institutional interest

As Coinbase improves its technical infrastructure for Solana, analysts are noting positive price action for SOL. Analyst Andrew Griffiths has identified several bullish technical indicators in his recent analysis of Solana’s price movements.

According to Griffiths, Solana has broken out of a descending parallel channel on the daily chart, retouched the trendline, and begun moving upward. The price has remained above the 21-day exponential moving average (EMA) for several days and remains above solid support around the $117 level.

Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators are still in a bearish trend on daily charts but are moving closer to the positive axis.

MACD and RSI are both bullish on the 4-hour time frame. Price is over the 22-period EMA, and the 21-period EMA is over the 55-period EMA. The 200-period EMA has been stable with current price action, and current candles have closed over all EMAs.

Institutional interest in SOL also appears to be growing, with analyst Gordon reporting that real estate firm Janover has purchased an additional 80,567 SOL worth approximately $10.5 million. This acquisition brings Janover’s total Solana holdings to 163,651 SOL in its treasury.

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Vignesh Karunanidhi

Vignesh Karunanidhi is a seasoned crypto journalist with nearly 7 years of experience in the cryptocurrency industry. He has contributed to numerous publications, including WatcherGuru, BeInCrypto, Milkroad, and authored over 10,000 articles

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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