Despite a rollercoaster few years that have seen the Bitcoin price hit multiple new all-time highs, other high-cap cryptocurrencies like Dogecoin have failed to do the same. In fact, the highest the Dogecoin price has gotten in the last three years is $0.5, which is still a ways away from the $0.74 figure that was hit back in 2021. Calls for $1 for the meme coin have also died down as it continues to decline and struggle along with the rest of the altcoin market.
Can Dogecoin Price Reach $1?
When it comes to the Dogecoin price, expectations continue to falter, especially as the price remains low with resistance mounting at $0.2. To reach the $1 mark, the price would have to rally by 500% from its current level, and with trading volumes and interest so low, the possibility of this happening grows dimmer by the day.
In the same vein, the algorithm at CoinCodex has also followed the bearish school of thought, with a drawn-out timeframe for when it expects the Dogecoin price to hit $1. According to the algorithm, the Dogecoin price will not be hitting the $1 level in the year 2025, or anytime soon after that.
The predictions show that the highest level the Dogecoin price could reach this year is $0.289. As the year moves forward, it expects the price to trend lower, not seeing more than a 54% price increase after the month of September.
Nevertheless, it does expect the price to be higher than where it is now, with an average 25% increase from the current level. It also signals the current level as a buy point with the possibility of making around a 35% increase in the month of June.
DOGE Won’t Hit $1 Until After 2030
The longer-term predictions for the Dogecoin price show more recovery for the price. But reaching the $1 level is not something that the algorithm believes will happen in the next half a decade. In fact, from 2025 through to 2030, it predicts that the Dogecoin price will not rise to its current all-time high of $0.74.
For those waiting for the Dogecoin price to hit $1, it shows that the price will hit this level sometime after 2030, putting it above $1 in 2040. This could mean that the meme coin would take almost a decade to reach the coveted $1 target.
However, in the short term, the algorithm does see some positive prospects for the Dogecoin price. It predicts that DOGE will rise to $0.236 in the next month, which would be a 17.67% increase from the current level.
Featured image from Dall.E, chart from TradingView.com
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