Dogecoin Price Just Broke A Regional High For The First Time This Year, Why A 300% Rally To $1 Is Possible

Crypto analyst XForce has revealed that the Dogecoin price just broke a regional high, following its reclaim of the $0.3 level. In line with this, he predicted that the meme coin could rally to a new all-time high (ATH) and reach the psychological $1 level. 

Dogecoin Price Eyes 300% Rally To $1 Following Break Above Regional High

In an X post, XForce predicted that the Dogecoin price could record a rally of over 300% to the psychological $1 level. This came as he noted that DOGE just broke above the previous regional high following its climb above $0.3 over the weekend. Based on this, the analyst declared that $1 is still programmed for the meme coin. 

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XForce admitted that there will be pullbacks along the way, but he expects the Dogecoin price to reach this $1 level eventually. The analyst also drew attention to the alternative idea that could lead DOGE to double-digit prices if it continues as a strong impulse. His accompanying chart showed that the meme coin could rally to as high as $18. 

The Dogecoin price rallied over the weekend in anticipation of the REX-Osprey DOGE ETF, which will be the first fund to provide institutional investors with exposure to the foremost meme coin. This provides a bullish outlook for the meme coin, seeing as it could inject new liquidity into its ecosystem. 

Furthermore, the Fed is set to make the first rate cut this year at this week’s FOMC meeting, which could also be bullish for the Dogecoin price as it would boost risk-on sentiment. Amid this recent rally, crypto analyst Mikybull Crypto has also declared that the meme coin will reach $1 in this cycle. Meanwhile, crypto analyst Ali Martinez noted that DOGE may consolidate for a bit around these levels before it makes its next leg up toward $0.45. 

Analyst Issues Warning On DOGE

In an X post, crypto analyst CrediBULL Crypto issued a warning on the Dogecoin price, noting that it is at the monthly supply at the moment. He further remarked that if DOGE isn’t breaking out, then it is technically just retesting the prior point of breakdown. 

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CrediBULL Crypto stated that a great time to be bullish on the Dogecoin price and jump into longs was before this recent rally. Now, he believes that it is time to be more cautious, as this is the most likely place for DOGE to face a rejection and record lower highs if the bottom isn’t in yet. There is also the possibility that the meme coin could crash if the Fed rate cut and DOGE ETF launch turn out to be a ‘sell the news’ event. 

At the time of writing, the Dogecoin price is trading at around $0.28, down over 2% in the last 24 hours, according to data from CoinMarketCap.

Featured image from iStock, chart from Tradingview.com