Dogecoin’s price movement remains a matter of discussion among crypto traders on social media, with a well-known analyst pointing to a major breakout pattern that could send DOGE soaring toward $1. Popular crypto analyst Lucky (@LLuciano_BTC) recently shared his bullish outlook with his 2.2 million followers on X, stating that the coveted $1 price target for Dogecoin is now only a matter of time.
Bull Flag Pattern Signals Strong Momentum
Although Dogecoin has shown strong bullish momentum at various points, it has yet to surpass its all-time high of $0.7316 in this cycle. However, many DOGE enthusiasts remain bullish on the meme coin, with many of them looking forward to an eventual break above $1 this bull cycle. Ironically, Dogecoin hasn’t even broken above $0.5, which is the halfway mark to reach the $1 target. Nonetheless, crypto analyst Lucky noted that it’s only a matter of time before DOGE starts to trade at $1.
Lucky’s confidence is based on a technical pattern forming on Dogecoin’s price chart. Sharing his outlook in a post, he highlighted a bull flag formation on the daily candlestick timeframe. Interestingly, this bull flag has been in formation since November 2024, making it a multi-month pattern.
The pattern began with a strong rally in mid-November until it reached a multi-year high of $0.484 in early December before facing rejection. Since then, price action has shifted into the flag phase of the structure, characterized by a period of corrections and bounces off the upper and lower trendlines of the flag.
The formation of a bull flag is regarded as a strong signal for further upside, especially in bullish market conditions. If the meme coin breaks out of this structure with enough volume, it could set the stage for a sustained rally to new multi-year highs. As DOGE continues to build momentum within this setup, crypto analyst Lucky noted that the rally ahead “could be epic.”
Can Dogecoin Really Reach $1?
Reaching the $1 target would be a crazy milestone for Dogecoin, much like how Bitcoin broke above $100,000 for the first time this cycle. At the time of writing, the meme coin is trading at $0.3289 and has a market cap of $48.6 billion. If it were to reach the $1 mark, this would translate to a total market cap of about $147.8 billion.
Although some might find this unrealistic due to its status as a meme coin, calculations suggest a $1 price for Dogecoin is surely possible. It only needs a few stimulants for this to happen. One such stimulant is a Dogecoin ETF, which could have the same effect as it did for Bitcoin. If approved, a Dogecoin ETF could significantly increase investment inflows and create sustained buying pressure for the meme coin. Another factor that could improve Dogecoin’s rise is broader utility, particularly if it becomes an official payment option on a major platform like X.
Dogecoin at $1 is only a matter of time. However, it is also possible that DOGE could start to consolidate around this mark once it eventually attains it, similar to Bitcoin’s current behavior around $100,000.
Featured image from Unsplash, chart from Tradingview.com
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