Dogecoin (DOGE) is expected to see an 85% price increase, which could potentially raise its value to around $0.75 by early 2025, according to analysts. Following a major yearly peak of $0.47 last month, the cryptocurrency is currently trading in the $0.40 range.
This forecast is being issued right now. Significant whale activity and bullish market sentiment have contributed to the excitement surrounding Dogecoinparticularly 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 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 noteworthy. This accumulation indicates a high level of confidence in the future performance of the asset.
The whales bought another 160 million #Dogecoin $DOGE in the last 24 hours! pic.twitter.com/FLr6XL3rMi
—Ali (@ali_charts) December 13, 2024
Experts have considered the rush to buy along with the continued enthusiasm surrounding Dogecoin as a possible cause of new highs as 2024 draws to a close.
Although there has been a 4.30% drop in the last month, many experts believe that this phase of stability will end with a major breakout. The way prices are moving now looks a lot like how they were moving in 2021, when Dogecoin prices went through similar events that stabilized them.
Bullish outlook supported by technical indicators
According to the Fibonacci retracement, Dogecoin could rise 85% from its current price level by January 2025. If this comes true, this rally would raise the price of the memecoin at around $0.75, putting it within the coveted $1 mark.
The RSI has recently entered overbought territory. This condition usually precedes significant price fluctuations, whether upward or downward; However, historical evidence indicates that such signals have resulted in favorable trends for memecoin.
Furthermore, analysts have highlighted the importance of the critical resistance levels of $0.50 and its previous all-time high of $0.7376. If DOGE is able to break through these levels, it may facilitate achieving the planned target of $0.75.
Looking to the future
Numerous members of the cryptocurrency community are anticipating Dogecoin’s performance as the year 2025 approaches. The possibility of an 85% rally has sparked discussions about the possibility of DOGE finally reaching the elusive $1 mark, a milestone that 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, TradingView chart
Fountain: NewsBTC.com
