Dogecoin’s $1 Dream: Analyst Reveals When It Could Finally Happen
Dogecoin's price increased from under $0.169 on May 8 to over $0.248 by May 12, marking a 35% gain. The cryptocurrency has broken above a long-term descending trendline, suggesting a potential new support level. The Ichimoku cloud indicator has turned bullish, indicating that previous resistance may now support future price increases. Analysts project Fibonacci extension levels at $0.69 and $0.81, with one independent analyst forecasting a rise to $1 by the end of summer, requiring a 320% increase from the current price. On-chain metrics show significant growth in new addresses, active wallets, and zero-balance addresses, indicating increased retail interest. Futures open interest has risen from $989 million to $1.62 billion, despite recent price fluctuations. Historical patterns suggest potential price targets, but caution is advised due to the volatility and risks associated with trendline breaks and market behavior.
