Altcoin
Crypto Pundit Says Dogecoin Price At $1 Is Only A ‘Matter Of Time’
Dogecoin’s price movement remains a matter of discussion among crypto traders on social media, with a well-known analyst pointing to a major breakout pattern that could send DOGE soaring toward $1. Popular crypto analyst Lucky (@LLuciano_BTC) recently shared his bullish outlook with his 2.2 million followers on X, stating that the coveted $1 price target for Dogecoin is now only a matter of time.
Bull Flag Pattern Signals Strong Momentum
Although Dogecoin has shown strong bullish momentum at various points, it has yet to surpass its all-time high of $0.7316 in this cycle. However, many DOGE enthusiasts remain bullish on the meme coin, with many of them looking forward to an eventual break above $1 this bull cycle. Ironically, Dogecoin hasn’t even broken above $0.5, which is the halfway mark to reach the $1 target. Nonetheless, crypto analyst Lucky noted that it’s only a matter of time before DOGE starts to trade at $1.
Lucky’s confidence is based on a technical pattern forming on Dogecoin’s price chart. Sharing his outlook in a post, he highlighted a bull flag formation on the daily candlestick timeframe. Interestingly, this bull flag has been in formation since November 2024, making it a multi-month pattern.
The pattern began with a strong rally in mid-November until it reached a multi-year high of $0.484 in early December before facing rejection. Since then, price action has shifted into the flag phase of the structure, characterized by a period of corrections and bounces off the upper and lower trendlines of the flag.
The formation of a bull flag is regarded as a strong signal for further upside, especially in bullish market conditions. If the meme coin breaks out of this structure with enough volume, it could set the stage for a sustained rally to new multi-year highs. As DOGE continues to build momentum within this setup, crypto analyst Lucky noted that the rally ahead “could be epic.”
Can Dogecoin Really Reach $1?
Reaching the $1 target would be a crazy milestone for Dogecoin, much like how Bitcoin broke above $100,000 for the first time this cycle. At the time of writing, the meme coin is trading at $0.3289 and has a market cap of $48.6 billion. If it were to reach the $1 mark, this would translate to a total market cap of about $147.8 billion.
Although some might find this unrealistic due to its status as a meme coin, calculations suggest a $1 price for Dogecoin is surely possible. It only needs a few stimulants for this to happen. One such stimulant is a Dogecoin ETF, which could have the same effect as it did for Bitcoin. If approved, a Dogecoin ETF could significantly increase investment inflows and create sustained buying pressure for the meme coin. Another factor that could improve Dogecoin’s rise is broader utility, particularly if it becomes an official payment option on a major platform like X.
Dogecoin at $1 is only a matter of time. However, it is also possible that DOGE could start to consolidate around this mark once it eventually attains it, similar to Bitcoin’s current behavior around $100,000.
Featured image from Unsplash, chart from Tradingview.com
Dogecoin whales again captured noteworthy market attention on Saturday, reflecting a highly bullish sentiment despite broader market volatility. Recent on-chain data revealed that whales accumulated 560 million Dogecoin, signaling a potential rally for DOGE price to $1. Further, in the wake of Grayscale’s new DOGE-backed Trust’s launch, investor sentiments surrounding the meme-themed asset have undergone a paradigm bullish shift.
Dogecoin Whales On Buying Spree Signal Bullish Move Ahead
In an X post by renowned crypto analyst Ali Martinez on February 1, it was spotlighted that Dogecoin whales purchased 560 million tokens in the past week. This massive buying signals heightened market confidence in the asset.
Notably, the analyst reveals that the buying spree follows an intense sell-off recently, thus flagging renewed interest among large-scale investors. As a response, broader market participants anticipate a bullish move ahead, primarily amid rising demand and buying pressure. Further, it’s also worth pointing out that CoinGape previously highlighted rising DOGE whale accumulations.
Grayscale’s New Trust Launch Solidifies Market Optimism
Meanwhile, the launch of Grayscale’s Dogecoin Trust has offered additional market support to the dog-themed meme crypto. The launch of a traditional financial investment product backed by a meme-themed asset paves the way for further money inflow into the crypto’s ecosystem.
Simultaneously, it’s also worth mentioning that asset management company Bitwise submitted S-1 filing for a DOGE ETF previously. Overall, these recent endeavors, pushing the meme coin as a traditional investment product, have cemented investors’ bullish outlook for the token.
Is Dogecoin To $1 Run Inevitable Amid Rising Whale Buying & Market Support?
At the time of reporting, DOGE price continued showcasing a sideways trading session, exchanging hands at $0.3277. The crypto’s 24-hour low and high were $0.3243 and $0.3407, respectively. Amid the abovementioned bullish news surfacing across the market, intraday trading volume for the asset rose by 36% to $1.57 billion.
Market watchers continue to anticipate further gains amid rising Dogecoin whale accumulations and broader developments. A recent Dogecoin price analysis by CoinGape revealed that the new Trust launch and ETF filing further amplify the token’s potential to hit $1. However, it’s worth mentioning that the coin must clear the $0.35 level promptly for further upside actions. The latest macroeconomic events, such as unchanged rates this FOMC and rising PCE inflation YoY, present the crypto market with uncertainty.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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.
DOT, Polkadot’s native cryptocurrency is up by 6% as asset manager 21Shares filed for a spot Polkadot ETF, the first such filing for this altcoin. As a result, the DOT price has made quick gains shooting to $6.5 as analysts believe that a potential breakout could lead to a new high ahead. Also, the daily trading volume for DOT has surged by 75% to more than $338 million.
DOT Price Shows Bullish Potential Amid Fibonacci Levels
In recent months, the DOT price chart has shown the formation of bullish technical patterns. From August to November 2023, Polkadot formed a descending triangle pattern, which led to a breakout and a strong rally, peaking near $11.00 in December, reported macro analyst FLASH.
Following this peak, a descending wedge pattern emerged, with the current price consolidating at $6.217. also, the key Fibonacci retracement levels for DOT price to watch are 0.618% at $6.772 and 0.786% at $5.434.
Recent price activity indicates a bounce from the lower trend line and the 0.786 Fibonacci level, hinting at a potential bullish reversal. However, confirmation of this trend is awaited. To sustain a bullish trajectory, the DOT price must breach a critical resistance level at $7.545, marked as a horizontal green line on the chart. A breakout above this level could pave the way for a rally toward a projected target of $14,605, as suggested by a bullish green arrow.
Polkadot Positioned for Massive 650% Price Surge?
Polkadot (DOT) may be gearing up for a significant rally, according to market analyst Javon Marks. In a recent statement, Marks highlighted DOT’s multiple breakouts as a sign of strong bullish momentum. If this projection materializes, it would represent a staggering DOT price climb of over 650% from current levels.
“$DOT (Polkadot), by its multiple breakouts, looks to still be well positioned for another monumental surge in price, which could lead all the way to the $53.385 target, if not even higher,” Marks stated.
As of press time, the Polkadot price is trading 5.7% up at $6.43 with a market cap of $9.92 billion. The daily trading volume is up by 75% while the open interest has surged over %% to more than $501 million, as per the Coinglass data. Also, the 24-hour liquidations have soared to $617.94K with more than $400.50K in short liquidations.
21Shares Files for Spot Polkadot ETF
21Shares has submitted a filing to the U.S. Securities and Exchange Commission (SEC) for the launch of a spot Polkadot ETF, amid a flurry of crypto ETF filings this month. The proposed ETF would trade on the Cboe BZX Exchange and directly track the performance of Polkadot’s native cryptocurrency, DOT. Coinbase has been named as the fund’s custodian, ensuring the secure storage of underlying assets.
This month, we have seen multiple filings for Solana ETFs, XRP ETFs, Dogecoin ETFs, Litecoin ETFs, etc. Top asset managers like Grayscale and Coinshares have been rushing for this as market sentiment turns optimistic in Donald Trump’s administration.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
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.
The crypto prices on Saturday have shown mixed actions as broader macroeconomic events unfolded. Bitcoin (BTC) price showcased a waning movement to reach $102K, whereas Ethereum (ETH) and meme coins witnessed an upward intraday action. Simultaneously, QTUM emerged as the leader of the sector today, witnessing a staggering 40% uptick in value.
Let’s take a closer look at some of the most trending coins for the day and broader market developments.
Crypto Prices Today (February 1): BTC Wanes, ETH & Meme Coins Up
The broader crypto market appears to be digesting the latest PCE inflation data release, which showed a 2.6% increase for December (YoY), per BEA data. Simultaneously, BTC price witnessed a waning action to reach $102K. Further, the global cryptocurrency market cap saw a 1.3% decrease to $3.49 trillion.
However, ETH and meme coins like DOGE, SHIB, and PEPE have illustrated rising trajectories, sparking market speculations. Besides, the global market volume also rose by nearly 16% intraday to reach $121.57 billion.
BTC Price At $102K
BTC price witnessed a 2% drop at the time of reporting, reaching $102,273. Its intraday low and high were $101,543.88 and $106,026.35, respectively. Bitcoin’s dominance sipped 0.16% from yesterday, reaching 58.08%. Further, U.S. spot Bitcoin ETFs recorded only $241.28 million worth of inflows over the past week, per Sosovalue data of Jan 30 that excludes BlackRock data. The flagship crypto sees volatility amid reduced institutional interest and broader macroeconomic data release.
ETH Price Jumps
However, ETH price has gained nearly 2% in the past 24 hours, reaching $3,290. The coin’s intraday bottom and peak were $3,214.94 and $3,437.57, respectively. Notably, the rising trajectory comes against the backdrop of massive buying by ETH whales. Nevertheless, it’s also worth mentioning that U.S. Ethereum ETFs registered outflows worth $73.29 million over the past week, per SosoValue data as of Jan 30 that excludes BlackRock.
XRP Price Today
Besides, XRP price slipped nearly 2% over the past day and is currently resting at $3.04. The coin’s 24-hour low and high were $3.01 and $3.11, respectively. Intriguingly, despite the asset’s price consolidation near the $3 mark over the days, a massive rally looms, per XRP price analysis by CoinGape. With historical trends in mind and the odds of an XRP ETF approval gaining weight, investors remain bullish over future movements.
Solana Price Drops
SOL price also witnessed a nearly 2% dip in value and is currently trading at $231. The coin’s intraday bottom and peak were $228.48 and $241.67, respectively. The current sluggish movement is primarily attributed to the broader market trend.
Meme Crypto Prices Today
Besides, the meme crypto sector glimmers immense optimism on Saturday. Notably, DOGE price witnessed a slight gain of 0.5% and traded at $0.3279. Further, SHIB price gained by a notable 2.5% to reach $0.00001903. Also, PEPE price surged by a whopping 7.5% intraday, reaching $0.0000138. Overall, the leading meme coins showcased a rising action despite the broader market trend.
Top Crypto Gainer Prices Today
QTUM
Price: $3.98
24-Hour Gains: +40%
Pudgy Pneguing (PENGU)
Price: $0.01639
24-Hour Gains: +13%
LidoDAO (LDO)
Price: $2.30
24-Hour Gains: 12%
Neo (NEO)
Price: $14.93
24-Hour Gains: +10%
Top Crypto Loser Prices Today
Fartcoin (FARTCOIN)
Price: $0.8936
24-Hour Loss: -14%
Official Melania Meme (MELANIA)
Price: $1.84
24-Hour Loss: -10%
SPX6900 (SPX)
Price: $1.17
24-Hour Loss: -8.%%
Onyxcoin (XCN)
Price: $0.03169
24-Hour Loss: -7%
Nevertheless, future prospects for the broader market remain bullish as market experts believe the bull cycle has yet to peak. Renowned expert Michaël van de Poppe posted on X, despite the rising inflation, stating that it is very “hard to say that the bull market has peaked.” This statement comes as Michaël spotlights how institutions and the entire U.S. government is interested in Bitcoin and adopting Web3.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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.
Dogecoin Whales Bag 560M Tokens; DOGE Price Surge To $1 Imminent?
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