Emily Walker
Recently, Dogecoin has seen a significant upswing in its price, reaching new heights due to political factors and overall market sentiment. A crypto analyst predicts that DOGE might be set for a substantial rally in the first quarter of 2025. This analyst has optimistic expectations, suggesting that Dogecoin could exceed the $1 threshold.
Anticipation of Dogecoin’s Price Surge
On January 22, a TradingView analyst known as TradingShot announced that Dogecoin might achieve an all-time high (ATH) of $1.6 in Q1 2025. He presented a chart illustrating the daily price movements of the meme coin and pointed out critical technical indicators that support this bullish outlook.
The analyst emphasized the importance of the 1-Day 50 Moving Average (MA), which currently serves as a crucial support level for Dogecoin. He mentioned that the coin had recently pulled back from an attempt to surpass this line, returning its price to this support area.
Looking at previous trends, the analyst observed that between September and November 2024, Dogecoin broke above the MA50, confirming this as a significant support level and triggering a notable price surge. This upward trend lasted roughly two months, escalating DOGE to the 3.0 Fibonacci extension level after a price dip on August 5, 2024. The analyst believes that for a comparable rally to happen in 2025, buyers need to regain the 1-D MA50 as a support point.
The analyst compared Dogecoin’s current price movement with historical fractals from 2024. It was noted that both years saw a correction phase followed by a significant price low, represented in the chart as a red triangle.
Post-hitting the bottom, DOGE moved within a Descending Channel, which indicated a forthcoming breakout leading to a strong bullish rally. Historically, as shown in the charts, the 1-Day Relative Strength Index (RSI) for Dogecoin followed a similar downward trend prior to significant price increases.
Additionally, earlier in this cycle, Dogecoin displayed a Golden Cross on its daily chart, where the 50-day MV crossed above the 200-day MA, a traditionally recognized bullish indicator.
If DOGE’s 1D MA50 and price trajectory mirror what occurred in previous years, it could potentially repeat the bullish trend from 2024, leading to the expected price target of $1.6 at the 3.0 Fibonacci extension level.
DOGE’s Bull Flag Indicates Potential for Higher Prices
While some analysts envision a rise to $1, Trader Tardigrade has predicted on X (formerly Twitter) that Dogecoin may be poised for a more substantial increase to $2. He has discovered the formation of a bull flag on the DOGE 2-day price chart.
The implication of this bull flag pattern points to a $2 target for Dogecoin, representing a potential increase of 471% from its current valuation. As of now, DOGE is trading at $0.35, which reflects a minor decline of 3.1% within the last 24 hours, according to CoinMarketCap.