Will Dogecoin Hit $1? Analyst Points to Key Breakout Pattern

Dogecoin has been catching the attention of crypto traders once again, with speculation mounting that it might soon break the $1 barrier.

Popular analyst, known as “Lucky”, recently shared his belief that the path to this milestone is almost inevitable.

Although Dogecoin has yet to surpass its all-time high of $0.73, it has shown impressive bullish behavior in recent months. However, despite hitting the $0.50 mark, it’s still far from $1. Lucky believes that this isn’t a question of “if” but “when,” pointing to a specific technical formation on the charts to back up his prediction. This pattern, known as a bull flag, has been forming since late 2024 and suggests that a major move upward could be imminent.

The flag formation, starting with a sharp rally and followed by a period of consolidation, is seen as a strong sign of momentum building. If Dogecoin can break free from this consolidation phase with substantial volume, it may be on track for a significant price surge.

Hitting $1 would mark a huge achievement for Dogecoin, something that would be on par with Bitcoin’s recent breakthroughs. At its current price of $0.33, the meme coin still has a long way to go, but analysts believe that with the right catalysts, it’s not out of the question. Factors like the launch of a Dogecoin ETF or wider acceptance as a payment method could drive further interest and boost its market presence.

While hitting $1 is certainly possible, whether Dogecoin will maintain that price or experience volatility remains to be seen. Regardless, many are watching closely as the coin continues to show potential for future growth.