Dogecoin (DOGE) Price Prediction: DOGE Has Potential to Reach $1 This Year, But Unlikely to Hit $5 or $10

Dogecoin (DOGE) price has recently retreated from its highest level this month, entering a technical correction. The price has slipped to $0.4050

Dogecoin (DOGE) price is still up for grabs despite slipping to $0.4050 in a technical correction. The price had rallied sharply in recent weeks, surging past key resistance levels and coming close to the psychological $0.50 mark. However, the rally lost momentum, leading to a pullback.

Despite the correction, many analysts remain optimistic about Dogecoin, predicting that it could still reach $1 this year. Several catalysts are expected to boost the price in the coming weeks.

One catalyst is the crypto Fear and Greed Index, which measures market sentiment. The index recently slipped to “Extreme Greed,” indicating a potential top in the market. However, a closer look at the index reveals that it has been in “Extreme Greed” for several weeks, coinciding with Dogecoin's strong rally. This suggests that the index may not be a reliable indicator for Dogecoin.

Another catalyst is a technical analysis by crypto analyst Hov, who has been making positive predictions for Dogecoin. His analysis suggests that DOGE could rise to $2.20-$3.46 in the ongoing bull run. A rise to the upper end of his target would represent a 650% increase from current levels.

The weekly chart shows that Dogecoin has been in a strong bull run recently. It recently broke through a key resistance level at $0.2308, which had been its highest point since March 12. Surpassing this level negated a double-top pattern that had been forming. Dogecoin then surged to $0.4811, just shy of the psychological $0.50 mark. This price point also represented an extreme overshoot of the Murrey Math Lines, indicating potential for consolidation in the near term.

Analysts suggest that Dogecoin may form a bullish pennant or flag pattern as it consolidates, before potentially surging to $0.7480, its all-time high, which is roughly 85% above its current price. As for the question of whether Dogecoin can reach $1 or even $10, a move to $1 seems possible if it surpasses its all-time high of $0.7480. However, hitting $5 or $10 this year remains unlikely. Such a surge may be more feasible next year, particularly if a spot Dogecoin ETF is launched.