Dogecoin (DOGE) is expected to see a price increase of 85%, which could push its value to around $0.75 by early 2025, according to analysts. After a significant yearly peak of $0.47 last month, the cryptocurrency is currently trading in the $0.40 range.
These forecasts are being released at this time. High whale activity and bullish market sentiment have contributed to the surrounding enthusiasm DogecoinEspecially in the wake of recent political events, such as the re-election of Donald Trump.
Dogecoin: Current market conditions
There are several factors that have contributed to the recent rise in the price of Dogecoin. Investment from major owners, or “whales” It was big, with $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 $dawg In the last 24 hours! pic.twitter.com/FLr6XL3rMi
– Ali (@ali_charts) December 13, 2024
The rush to buy combined with the ongoing excitement surrounding Dogecoin has been viewed by experts as a possible reason for new highs as 2024 comes to a close.
Despite the 4.30% decline last month, many experts believe that this phase of stability will end with a major breakthrough. The way prices are moving now is very similar to the way they were moving in 2021, when Dogecoin prices went through similar events that made them stable.
Bullish expectations supported by technical indicators
Based on Fibonacci retracement levels, Dogecoin could rise by 85% from its current price level by January 2025. If this happens, this rise would push the price of the coin higher. com. memecoin to about $0.75, which puts it within the coveted $1 mark.
The Relative Strength Index has recently entered the overbought zone. This condition is often preceded by significant price fluctuations, either up or down; However, historical evidence suggests that such signals have led to positive trends for the memecoin.
In addition, analysts emphasized 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 achieving the expected target of $0.75.
Looking forward
Many members of the cryptocurrency community are anticipating Dogecoin’s performance heading into 2025. The potential for an 85% rally has sparked discussions about the possibility of DOGE eventually reaching the elusive $1 level, a milestone that many investors have long anticipated.
Dogecoin remains a major topic in discussions regarding the future of cryptocurrencies due to its growing interest from institutional investors and vibrant community support.
Featured image from DALL-E, chart from TradingView
The post Dogecoin Rally Ahead? 85% Growth Expected by 2025 —Analyst first appeared on Investorempires.com.