Dogecoin at $1 or Bust: Crypto Analysts Bold Prediction

A cryptocurrency trader and analyst, pseudonymously known as Crypto Chimpanz, has declared that Dogecoin (DOGE) remains his largest holding. He has emphasized a “1 Dollar or bust” mentality, highlighting his belief in DOGE’s long-term potential. His analysis comes at a time when Dogecoin has shown notable resilience in the market, outpacing several other major cryptocurrencies.

Crypto Chimpanz provided an analysis of Dogecoin’s price history, focusing on the significant surge in early 2021. This period saw Dogecoin reaching unprecedented heights, largely driven by social media buzz and high-profile endorsements. Following this peak, DOGE entered a prolonged downtrend, marked by a series of consolidations. These consolidations indicate that the coin’s trading activity has become less volatile, with traders likely accumulating positions or awaiting clearer market signals.

This extended period of consolidation, particularly around the $0.05 to $0.08 range, has established a strong support zone. This range has consistently acted as a floor for Dogecoin, preventing further declines. According to the current trajectory, the coin’s price is consolidating within this support area, suggesting a potential base for future upward movement. Notably, the analyst highlighted that the current stability in this range could serve as a launchpad for DOGE’s next major move.

Moreover, the analysis points to a key resistance level at $1.00, which is marked as a potential exit point for traders. The annotation “SELL AT $1 AND WALK AWAY (keep a moon bag)” suggests a strategy where traders might liquidate a substantial portion of their holdings at this price while retaining a smaller position for potential future gains. This $1.00 level is considered a psychological barrier, indicating significant resistance that could impact DOGE’s upward trajectory.

At press time, the data shows that Dogecoin is trading at $0.1051, reflecting a 2.99% increase in the last 24 hours and a 6.51% rise over the past week. This recent price movement has resulted in Dogecoin outperforming the global cryptocurrency market, which has seen a 5.20% increase during the same period. Furthermore, DOGE has also outperformed the GMCI 30 Index, which remained flat with no significant gains.