The price of the meme-inspired cryptocurrency Dogecoin ($DOGE) could soon start seeing an “explosive” upward surge after seeing its first bullish monthly close in the last three years, with an analyst predicting its price could surge to as much as $1.

According to the popular pseudonymous cryptocurrency analyst Milkybull Crypto, who shared his DOGE price prediction on the microblogging platform X (formerly known as Twitter), the meme-inspired cryptocurrency has seen its monthly close flip “bullish for the first time since 2021,” and predicted what follows is “going to be explosive.”

In a separate post, the cryptocurrency analyst suggested that the price of Dogecoin has seen a breakout of an accumulation trend and that it is currently retesting previous levels before moving upwards, adding that “$1 is a magnet target.”

Dogecoin is at the time of writing trading at around $0.189 per token after surging more than 5% over the past week and outperforming most other major digital assets, with Bitcoin itself falling by 6% over the same period and ETH seeing a 7.8% drop.

When questioned about the timeline for this potential price surge, Mikybull Crypto, responding through comments, expressed the belief that DOGE could As CryptoGlobe reported, another prominent cryptocurrency analysts recently revealed he is bullish on the price of the meme-inspired cryptocurrency, predicting it could surge over 550% from its current levels to reach the coveted $1 mark.

His bullish outlook on Dogecoin stems from the coin’s recent price action relative to Bitcoin, which he interprets as a sign of strong support as DOGE “kind of dipped back into support on the BTC chart,” he explained.

DonAlt acknowledged potential drawbacks to his bullish thesis, setting a price point of around $0.05 as a level that would negate his optimism. However, he emphasized that the potential reward outweighed the risk, particularly considering that Dogecoin recently traded at a low price of $0.12, which is 20% away from the $0.1 mark that he considered an “optimal” entry point.

DOGE has historically seen significant rallies over short periods of time. Back in 2021,  search interest for Dogecoin exploded during the cryptocurrency’s massive 10,000% price rally, going from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.

Dogecoin was created back in 2013 as a joke. The cryptocurrency’s community is well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.

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