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Dogecoin’s Price Might Hit $1—But Only If It Doesn’t Do Something Dumb First!

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Well, well, well. It seems Dogecoin might be getting a second wind, or a third, depending on how you look at it. The chart’s showing signs of a potential breakout, as an Inverse Head and Shoulder pattern—a classic bull trap, er, reversal indicator—makes its grand appearance. After a couple of weeks of doing absolutely nothing, this setup might signal that the meme coin’s wild ride toward the magical $1 is finally ready to kick off again.

Is Dogecoin Finally Ready to Put on Its Big Boy Pants?

So, the great Klejdi Cuni—who apparently has a PhD in reading charts—thinks Dogecoin’s got a shot at pulling off a classic bullish move. He points to the textbook-perfect Inverse Head and Shoulder pattern popping up on the charts. This is usually a sign that the price might just wake up and start moving up again. In the wise words of traders everywhere: “Don’t get your hopes up too soon.”

The $1 milestone remains the elusive unicorn in the Dogecoin world. However, our dear analyst predicts a steady, maybe even swift climb above $0.23, and if it can break through some resistance levels, we might just see Dogecoin take a leisurely stroll toward that coveted $1. But hey, no promises.

For the time being, Cuni’s chart shows that Dogecoin’s price is creeping toward the neckline of that Inverse Head and Shoulders pattern, which is just a fancy way of saying that it’s getting close to a resistance line that connects some peaks. As of this thrilling moment, DOGE is lounging at $0.228, just beneath that pesky neckline. Should it break through this barrier, well, we might just see a party.

That breakout could send the price into a frenzy. First, we’ve got a “quick target” at $0.239, which just so happens to line up with a previous price high (because why not). If Dogecoin’s feeling really frisky, it could shoot up to $0.25. Now, that’s a resistance level that might actually make us sweat a little. Will it happen? Who knows, but it could be a fun ride!

But Hold On… Dogecoin Might Crash After Hitting $1

And just when you thought the ride was all smooth sailing, crypto analyst Trader Tardigrade pops in with a friendly warning. Sure, Dogecoin might leap ahead in price, but brace yourselves for the inevitable crash that follows. It’s like that roller coaster you love, but you know it’ll make your stomach do flips when it plunges down. Tardigrade’s got a hunch that this rally could be short-lived, so don’t break out the champagne just yet.

Trader Tardigrade shared a monthly chart showing that Dogecoin’s current trajectory looks eerily similar to its antics between 2014 and 2021. Back then, Dogecoin went through a slow, agonizing accumulation phase (yawn), broke above resistance, did a little happy dance, and then came crashing down with a Falling Wedge pattern. It was a wild ride, but it didn’t end with a “happily ever after.”

If history repeats itself, Dogecoin could soon take a nice ride to the moon, pushing its price between $0.9 and $1.4. But don’t get too comfy. After that exhilarating peak, the meme coin might tumble down to $0.22 or even $0.14, entering a long and painful consolidation phase. It’ll be like the 2018 crash all over again, but this time we know what’s coming… probably.

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2025-06-06 05:19

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