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Dogecoin, the cryptocurrency inspired by a dog meme, has seen a significant increase in its value in the past few weeks.

As of the latest update, Dogecoin’s trading price has risen to $0.169, marking a 9.78% increase over the last 24 hours and a 40% surge on a weekly basis.

Analyst’s prediction for Dogecoin’s future

Crypto analyst Ali has made a striking forecast regarding Dogecoin’s potential price trajectory.

This may sound wild, but if history is any guide, #Dogecoin $DOGE could hit $1 by mid-April! pic.twitter.com/UAgldPcDbh

— Ali (@ali_charts) March 8, 2024

According to Ali, Dogecoin could reach the $1 milestone by mid-April, provided historical trends continue to serve as a reliable indicator.

“This may sound wild, but if history is any guide, Dogecoin could hit $1 by mid-April,” Ali shared in a recent post on X, alongside a chart illustrating Dogecoin’s past price actions.

Analyzing historical patterns

Ali’s analysis draws parallels between Dogecoin’s current price behavior and its previous bull runs in 2017 and 2021.

These periods were characterized by significant price increases following extended phases of consolidation.

Ali suggests that Dogecoin is poised for a similar parabolic breakout in mid-April, potentially achieving a remarkable 525% increase from its current price level of approximately $0.17.

Current Price movements and outlook

Since February 26, Dogecoin’s value has steadily climbed from $0.09, briefly surpassing the $0.20 resistance on March 5.

However, the bulls faced challenges in maintaining this level due to profit-taking activities.

Currently, efforts are being made to secure the price above $0.17, with Dogecoin reaching intraday highs of $0.172.

Should the price remain stable above $0.17, Dogecoin might aim to retest its recent high of $0.20.

A successful break and close above this threshold could signal the commencement of an uptrend towards $0.30.

Conversely, a decline from the current price may lead Dogecoin towards the $0.12 support level, where it is anticipated that buyers will step in.

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