The Dogecoin worth has been on a significant bullish trend recently, attaining 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 Value 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 analyzing the meme coin worth motion day by day and highlighting key technical indicators and patterns supporting his bullish forecast.
Based on the TradingView professional, the 1-Day 50 Shifting Common (MA) is a crucial blue pattern line at the moment appearing as a support level for Dogecoin. He disclosed that the meme coin had beforehand tried to interrupt above this pattern 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 essential help degree and triggering a major price rally. This vital bullish pattern lasted about two months, pushing DOGE to the three.0 Fibonacci extension degree after it hit a worth backside on August 5, 2024. Based mostly on this sample, the market professional 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 purple triangle within the chart.
After bottoming out, DOGE traded inside a Descending Channel, which acted as a precursor to a breakout, finally sparking a significant bullish rally. On each events, as indicated on the chart, Dogecoin’s 1-Day Relative Strength Index (RSI) sequence adopted an analogous downtrend earlier than breaking out and paving the way in which for the worth rally.
Including to the bullish narrative, Dogecoin skilled a Golden Cross on the day by day chart earlier on this cycle. Right 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 observe the identical path as historic information, 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 Increased Value Goal
Whereas different analysts project a surge to $1 for the Dogecoin worth, Dealer Tardigrade forecasted on X (previously Twitter) that the favored meme coin is getting ready for the next 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 up to now 24 hours, in response to CoinMarketCap.
Featured picture from Unsplash, chart from Tradingview.com