Dogecoin (DOGE) is expected to rise 85% in price, potentially increasing in value to around $0.75 by early 2025, analysts say. Following last month's significant annual peak of $0.47, the cryptocurrency is currently trading in the $0.40 range.
This forecast has been announced at this time. High whale activity and bullish market sentiment are contributing to the enthusiasm surrounding Dogecoin, especially in the wake of recent political events such as Donald Trump's re-election.
Dogecoin: Current market situation
There are a number of factors contributing to Dogecoin's recent price rise. Investments from large holders, or “whales,” have been significant, with an estimated $160 million worth of DOGE purchased in the past 24 hours. This is especially noteworthy. This accumulation indicates a high level of confidence in the future performance of the asset.
Whale buys another $160 million #Dogecoin $Doge Within the last 24 hours! pic.twitter.com/FLr6XL3rMi
— Ali (@ali_charts) December 13, 2024
Experts believe that the continued excitement surrounding Dogecoin, coupled with a rush of purchases, could cause it to reach new highs as 2024 draws to a close.
Despite the 4.30% decline in the last month, many experts believe that this stability phase will end with a big break. The current price movement is very similar to that in 2021, when Dogecoin's price stabilized after a similar event.
Bullish outlook backed by technical indicators
Based on Fibonacci retracements, Dogecoin could rise 85% from current price levels by January 2025. If this happens, this rally would push the memecoin price to around $0.75, putting it within the coveted $1 range.
The RSI has recently entered overbought territory. This condition often occurs before a significant price change, whether upward or downward. Nevertheless, historical evidence shows that such signals have resulted in favorable trends for meme coins.
Additionally, analysts emphasize the importance of key resistance levels at $0.50 and the all-time high of $0.7376. If DOGE can overcome these levels, it could easily reach its projected target of $0.75.
Looking to the future
Many members of the cryptocurrency community are looking forward to Dogecoin's performance as 2025 approaches. The 85% upside potential has sparked debate about the possibility of DOGE finally reaching the elusive $1 level, a milestone that many investors have long expected.
Dogecoin continues to be a central topic in discussions about the future of cryptocurrencies, with growing interest from institutional investors and support from a vibrant community.
Featured images from DALL-E, charts from TradingView
