Why DOGE May Rally 1,200% To $1.6

The first meme coin, Dogecoin (DOGE), has been performing extremely well over the past week, rallying 10% in price. The asset currently has bulls backing it to continue its surge into October, with Q4 bringing huge gains. One analyst is extremely bullish on DOGE in the near future, predicting a four-digit rally to surpass $1.

Crypto analyst Trader Tardigrade recently shared a post to X revealing several indicators that back a monstrous 1,200% DOGE surge. The analyst states that Dogecoin has been trading inside a falling wedge pattern. For context, a falling wedge setup on the charts is a bullish reversal structure. It resolves after an asset’s price pushes past its upper trendline and soars to a length equal to the maximum distance between its upper and lower trendline.

Trader Tardigrade says that DOGE appears ready to break out of this pattern, according to recent price performance. This increases the possibility of a bullish streak for the asset that could last anywhere from days to weeks. While the breakout is not confirmed, DOGE’s price is treading around the upper trendline, which is a positive sign. Trader Tardigrade predicts a northward march toward the $1.6 mark, a nearly 1,200% rise from the current price.

Dogecoin price continues to climb, however, the asset is still struggling to reach $1. The meme coin will have to rise by 859.63% to reach this milestone. However, the positive DOGE market is creating bullish momentum, sparking predictions like Trader Tardigrade for the assert to reach as high as $1.6. The analyst adds that Dogecoin has previously surged in patterns like this and that this time may be no different.

Also Read: Toncoin Price Prediction: TON Eyes $7 in October Breakout

Bulls Back Dogecoin To Surge In Q4 2024

Various prediction websites also believe that DOGE might have a fairly positive month in October. Changelly noted that the OG meme coin will surge to $0.128 in the coming month. In addition, the lowest that DOGE might trade at is $0.107. Dogecoin’s average trading price was set at $0.117 for October.

Dogecoin hasn’t managed to breach $0.20 since the end of March, following a huge market bull run. August proved especially difficult for the asset, as the entire crypto market suffered. Fortunately, September brought an overall rebound, in part thanks to Bitcoin performing well; the rebound of crypto ETFs; and a Fed interest rate cut.

Also Read: Dogecoin: How High Can DOGE Rise in October 2024?

Most price predictions don’t see DOGE surpassing $1 for years. However, anything can happen in crypto, and enough bullish momentum and positive indicators can skyrocket an asset. Bitcoin has doubled in price in the past year thanks to Bitcoin ETFs launching this year. DOGE meanwhile has risen over 80% in the same time frame.