Dogecoin (DOGE) is expected to experience an 85% price increase, which analysts say could boost its value to around $0.75 by early 2025. After a significant yearly peak of $0.47 last month, the cryptocurrency is currently trading in the $0.40 range.
This forecast is currently being issued. Significant whale activity and bullish market sentiment have contributed to the enthusiasm prevailing Dogecoinespecially in the wake of recent political events, such as the re-election of Donald Trump.
Dogecoin: current market conditions
There are numerous factors that have contributed to the recent rise in Dogecoin’s price. The investment of large holders, or “whales,” has been substantial, with an estimated $160 million worth of DOGE purchased in the last 24 hours. This is particularly remarkable. This accumulation indicates a high level of confidence in the future performance of the asset.
Whales bought another 160 million #Dogecoin $DOGE in the last 24 hours! pic.twitter.com/FLr6XL3rMi
— Ali (@ali_charts) December 13, 2024
The rush to buy, along with the continued excitement surrounding Dogecoin, is seen by experts as a possible cause for new highs as 2024 draws to a close.
Although there was a decline of 4.30% in the past month, many experts believe that this phase of stability will end with a major breakout. The way prices are moving now is very similar to how they moved in 2021, when Dogecoin prices went through similar events that made them stable.
Bullish outlook supported by technical indicators
Based on Fibonacci retracement, Dogecoin could rise 85% from its current price level by January 2025. If this materializes, this rally would increase the price of the coin. memecoin to around $0.75, putting it within the coveted $1 mark.
The RSI has recently moved into overbought territory. This condition often precedes significant price movements, either upward or downward; Nevertheless, historical evidence indicates that such signals have resulted in favorable trends for the memecoin.
Moreover, analysts have underlined the importance of critical resistance levels at $0.50 and the previous all-time high of $0.7376. If DOGE can overcome these levels, it could facilitate reaching the expected $0.75 target.
Looking ahead
Numerous members of the cryptocurrency community are anticipating Dogecoin’s performance as 2025 approaches. The potential for an 85% rally has sparked discussions about the possibility that DOGE will eventually reach the elusive $1 mark, a milestone many investors have long anticipated.
Dogecoin remains a central topic in discussions about the future of cryptocurrencies due to growing interest from institutional investors and support from a vibrant community.
Featured image of DALL-E, chart from TradingView
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