Dogecoin to $1? Analyst Says It’s Possible, But…
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Crypto analyst Kevin (@Kev_Capital_TA) believes Dogecoin reaching $1 is “absolutely” possible, but only under specific conditions. His bullish outlook hinges on a confluence of factors, primarily Bitcoin's performance and broader macroeconomic conditions. He highlights Dogecoin's resilience against Bitcoin, contrasting it with other altcoins like Litecoin, UNI, AVAX, DOT, and LINK, which he sees as weakening. Technically, he points to Dogecoin's breakout from an inverse head-and-shoulders pattern and its consolidation within a potential bull flag as positive indicators. However, he emphasizes that Bitcoin's continued upward trajectory is crucial; a Bitcoin downturn would likely hinder Dogecoin's rise. Kevin's analysis goes beyond simple technical indicators, stressing the importance of macroeconomic factors. He cites the Federal Reserve's post-COVID tightening cycle, new US trade tariffs, and the need for sustained bull runs and favorable monetary policy as essential elements for Dogecoin to reach $1. He dismisses the notion that a Dogecoin ETF approval would automatically trigger a price surge, emphasizing that timing is crucial and such an event would be impactful only within a broader bull market. He cautions against simplistic analysis, urging investors to consider Bitcoin's performance, USDT dominance, and pairing charts before focusing on individual altcoin charts like DOGE/USD. While optimistic about Dogecoin's potential, Kevin maintains a data-driven, cautious approach, emphasizing that the $1 target is contingent on several interconnected factors aligning favorably.
(Source: https://www.newsbtc.com/news/dogecoin/dogecoin-1-absolutely-on-the-table-this-cycle/)
