DOGE Price Stable After 167% Monthly Rally, Is $1 Within Reach?

Dogecoin continues to command attention. That is not just for the remarkable 167% of DOGE price rally this month, but also for its surprising stability in a highly volatile crypto market.

While Bitcoin‘s (BTC) meteoric rise has eclipsed most altcoins, Dogecoin’s growing network activity and resilient price action have kept it in the spotlight. The question on everyones mind: could DOGE finally make a run for the coveted $1 mark？

Bitcoin‘s Dominance and Dogecoin’s Standout Performance

In reaction to this, Billy Markus, the co-founder of Dogecoin, took to X to share his thoughts regarding Bitcoins domination by sharing a meme that underscored the unmatched upward trajectory of the leading coin as compared to the rest of the tokens.

Bitcoin soaring past $97,000, which is 8% up over the last week, has pushed ETH, DOGE aside.

On the other hand, Ethereumdropped by -2.85 % to $3,140; DOGE remained flat at $0.39. However, these pundits believe that Dogecoin has considerable prospects for growth.

Will DOGE Price Rally to $1？

Prominent crypto analyst Cobra Vanguard has identified a bullish setup on Dogecoins weekly chart, which features a pattern. According to Vanguard, this formation, which has been developing since 2021, is a precursor to a major breakout.

The analyst predicts an AB=CD harmonic pattern that could propel DOGE to $0.68 in the short term, followed by $1—a key psychological level.

This projection is supported by a 1,241% Fibonacci extension and increasing buy-side volume. According to Vanguard,

“Dogecoins breakout above $0.35 signals renewed bullish momentum…The alignment of volume and price trends echoes early 2021, suggesting a rally is imminent.”

Network Metrics Bolster Optimism

Dogecoins fundamentals remain robust. Active addresses reached a record 1.33 million, underscoring heightened network activity.

Transaction volumes are also rising, reflecting increased adoption and investor confidence. Historically, such metrics have been strong indicators of upward price movements.

Santiment data shows the is flashing a strong buy signal, reinforcing bullish sentiment. Combined with macroeconomic factors like Bitcoins rally, these metrics position DOGE for sustained momentum.

Dogecoin is consolidating at $0.39, testing key resistance at the 0.786 Fibonacci retracement level. A breakout above $0.44 could propel DOGE to $0.48, the upper Bollinger Band level. From there, Fibonacci extensions suggest resistance zones at $0.63 and $0.95 before DOGE approaches $1.

However, risks persist. A dip below $0.36 could push the price to $0.29 or lower, testing the 0.618 Fibonacci retracement level. Tightening Bollinger Bands indicate an imminent breakout, but the direction remains uncertain.

Should Investors Hold or Sell？

When asked whether to hold or sell DOGE, co-creator Markus responded with characteristic humor, sharing a GIF captioned “No Idea.” Markus, known for his skeptical stance on speculative trading, has minimal holdings in DOGE and BTC.

For investors, Dogecoins alignment of strong fundamentals, growing adoption, and bullish technical setups makes it an intriguing prospect. While Bitcoin sets the pace, DOGE appears poised to chart its own course, with $1 no longer a distant dream but a tangible possibility.

Dogecoins stability and robust metrics position it as a standout in the altcoin market. With analysts pointing to a potential breakout and a community-driven narrative, the

meme coin

could redefine its role in the crypto space. Will Dogecoin finally reach $1？ The coming weeks may hold the answer.