After a 167% price increase in the month, DOGE price stabilizes. Is one dollar within reach?

Dogecoin continues to attract attention. Not only because of the astonishing 167% price increase of DOGE this month, but also because of its surprising stability in a highly volatile cryptocurrency market. While the skyrocketing growth of Bitcoin (BTC) has overshadowed most altcoins, Dogecoin's increasing network activity and resilient price action have kept it in the spotlight. The question on everyone's mind: Can DOGE finally reach the coveted $1 mark? The dominance of Bitcoin and the outstanding performance of Dogecoin To respond to this event, Billy Markus, co-founder of Dogecoin, shared his thoughts on X about the dominance of Bitcoin by sharing a meme emphasizing the unparalleled growth trajectory of this leading currency compared to the rest of the tokens.

Bitcoin surged to $97,000, up 8% from last week, pushing ETH and DOGE aside. On the other hand, Ethereum decreased by -2.85% to $3,140; DOGE remains unchanged at $0.39. However, these experts believe that Dogecoin has significant growth potential. Will the price of DOGE increase to 1 dollar?

Renowned cryptocurrency analyst Cobra Vanguard has identified a price increase setup on Dogecoin's weekly chart, with a rounded bottom pattern. According to Vanguard, this pattern, developed since 2021, is a precursor to a major breakout. Analysts predict that the AB=CD harmonic pattern could push DOGE up to $0.68 in the short term, followed by $1 - a significant psychological level. This forecast is supported by the 1.241% Fibonacci expansion level and increasing buying volume. According to Vanguard, “Dogecoin surpassing the $0.35 threshold signals a new price increase... The convergence of price trend and volume is similar to the beginning of 2021, indicating an upcoming price surge.” Network data consolidates optimism The Dogecoin platform remains strong. The number of active addresses has reached a record level of 1.33 million, emphasizing the increasing network activity. The trading volume is also increasing, reflecting the increase in adoption and confidence of investors. Traditionally, such figures are a strong indicator of price volatility increase. Santiment data shows that Daily Active Addresses (DAA) Divergence is signaling strong buying, reinforcing the bullish sentiment. Combined with macroeconomic factors such as Bitcoin's price surge, these figures position DOGE for sustainable momentum. Dogecoin is consolidating at $0.39, testing the major resistance level at the 0.786 Fibonacci retracement level. A breakthrough above $0.44 could push DOGE up to $0.48, the upper level of the Bollinger Band. From there, Fibonacci extensions suggest resistance areas at $0.63 and $0.95 before DOGE moves towards $1. However, risks still remain. A drop below $0.36 could push the price down to $0.29 or lower, testing the Fibonacci retracement level of 0.618. The tightening Bollinger Bands indicate an impending breakout, but the direction is still uncertain. Should investors hold or sell? When asked whether to hold or sell DOGE, creative founder Markus responded with his characteristic sense of humor, sharing a GIF titled "Don't know". Markus, famous for his skeptical stance on speculative trading, currently holds very little DOGE and BTC. For investors, Dogecoin's strong fundamental connection, increasing acceptance, and price-increasing technical setups make it an attractive prospect. While Bitcoin is oriented, DOGE seems ready to chart its own course, with $1 no longer a distant dream but a tangible possibility. The stability and strong figures of Dogecoin position it as a prominent currency in the altcoin market. With analysts pointing out its breakthrough potential and community-driven narrative, this meme coin could redefine its role in the cryptocurrency space. Will Dogecoin ultimately reach $1? The coming weeks may provide an answer.