Dogecoin (CRYPTO: DOGE) prices have almost doubled in a 30-day period and one crypto analyst is making a bold prediction for an early June price target of $1.05.

What Happened: Popular meme cryptocurrency Dogecoin has almost doubled in value over a 30-day period, catching the attention of analysts and investors.

One crypto analyst known as “Master Kenobi” on X, formerly Twitter, broke down why he thinks DOGE could reach $1.05 as soon as early June. The analyst drew parallels between Dogecoin's current price structure in 2025 and its performance during the 2017 cycle.

The analyst highlighted Dogecoin's second major upward movement in 2017, which began after a 70-day consolidation period and was followed by an 850% rally over 45 days.

According to the analyst, the current price structure is following the same pattern but at twice the speed. The initial phase has been compressed from 70 days to 35 days, and the expected bullish breakout phase will last just 22 days instead of 45.

Dogecoin's Spot Taker 90-day Cumulative Volume Delta has been “taker buyer dominant,” which shows more aggressive buying than selling. This pattern was last seen in November 2024, which led to DOGE's breakout rally of 385% to $0.48 in Q4 2024, according to data from CryptoQuant.

Dogecoin had a 24-hour trading volume of $4.7 billion, ranking it fifth among the top cryptocurrencies when excluding stablecoins.

Another positive indicator is the long-term holder net unrealized profit/loss (NUPL), which recently crossed 0.5 for the first time since March 1, 2025. This signals a shift to “belief” sentiment, meaning most long-term holders are in profit and less likely to sell.

The optimism reinforces price stability as investors hold onto their assets in anticipation of higher gains. The metrics suggest strong market demand with active accumulation of Dogecoin by investors.

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Technical Analysis: Trader Tardigrade revealed a bullish outlook for the DOGE/BTC trading pair in a recent post on X.

The trader showed a chart of a previous rally where Dogecoin rose 30,000% from $0.0024 to $0.739, suggesting a similar setup might be developing.

Historically, Dogecoin and Bitcoin have shared a strong correlation of around 0.67 over the past three months, according to Macroaxis data. This means Bitcoin's price movements often influence Dogecoin's trajectory.

Trader Tardigrade said the immediate target for Dogecoin remains $1, after the meme coin exhibited a weekly MACD bullish crossover for the third time since 2024.

Previous bullish crossovers were followed by breakouts, with prices jumping 180% between January and March 2024, and 385% between September and December 2024.

Another crypto trader, Javon Marks, outlined a similar target for Dogecoin, forecasting an immediate target of $0.65, which would be its highest price since May 2021. After reaching this level, prices could break above and bring the $1 mark into play, according to Marks.

"For a cryptocurrency that began as a joke, it's remarkable to see Dogecoin displaying such resilience and growth potential," one analyst wrote.

Dogecoin had a 6% increase in price over the past 24 hours at the time of writing. Many altcoins are also poised for gains heading into late May and early June.