The Dogecoin worth has been on a serious bullish trend currently, reaching new highs pushed by political occasions and market sentiment. As the highest meme coin navigates the unstable market, a crypto analyst projects that DOGE might be gearing up for a monster rally within the first quarter (Q1) of 2025. The analyst has set a new ATH target for Dogecoin, anticipating it to surge previous the $1 mark.
Dogecoin Price Rally To New ATH Incoming
On January 22, TradingShot, a crypto analyst on TardingView, declared that Dogecoin is preparing to reach a new ATH of $1.6 in Q1 2025. The analyst shared a chart inspecting the meme coin worth motion every day and highlighting key technical indicators and patterns supporting his bullish forecast.
According to the TradingView skilled, the 1-Day 50 Moving Average (MA) is a vital blue development line at the moment appearing as a support level for Dogecoin. He disclosed that the meme coin had beforehand tried to interrupt above this development line; nonetheless, a current pullback had pushed its worth again to this help zone.
The analyst famous that in Dogecoin’s past price action, between September and November 2024, it broke above the MA50, efficiently retesting this vital help degree and triggering a major price rally. This important bullish development lasted about two months, pushing DOGE to the three.0 Fibonacci extension degree after it hit a worth backside on August 5, 2024. Based on this sample, the market skilled means that for the same rally to happen in 2025, consumers should reclaim the 1-D MA50 as a help degree.
The TradingView analyst’s chart compares Dogecoin’s present worth motion with its historical fractals in 2024. In each years, the meme coin skilled a interval of correction adopted by a backside, as seen within the pink triangle within the chart.
After bottoming out, DOGE traded inside a Descending Channel, which acted as a precursor to a breakout, finally sparking a serious bullish rally. On each events, as indicated on the chart, Dogecoin’s 1-Day Relative Strength Index (RSI) sequence adopted an identical downtrend earlier than breaking out and paving the way in which for the worth rally.
Adding to the bullish narrative, Dogecoin skilled a Golden Cross on the every day chart earlier on this cycle. Here, the 50-day MV crossed above the 200-day MA, which is traditionally considered as a bullish sign.
If Dogecoin’s 1D MA 50 and worth motion comply with the identical path as historic data, it may replicate 2024’s bull rally, pushing it to the projected 3.0 Fibonacci extension goal, corresponding with the $1.6 worth degree.
DOGE Bull Flag Suggests Higher Price Target
While different analysts project a surge to $1 for the Dogecoin worth, Trader Tardigrade forecasted on X (previously Twitter) that the favored meme coin is making ready for a better rise to $2. The analyst has recognized the emergence of a bull flag sample on the DOGE 2-day worth chart.
He reveals that this bull flag sample measures a $2 target for Dogecoin, marking a possible 471% improve from its present market worth. As of writing, DOGE is buying and selling at $0.35, reflecting a slight 3.1% decline previously 24 hours, in response to CoinMarketCap.
Featured picture from Unsplash, chart from Tradingview.com
