The Dogecoin price has been experiencing a significant bullish trend recently, reaching new highs driven by political events and market sentiment. As the popular meme coin navigates the volatile market, a crypto analyst has projected that DOGE could be gearing up for a monster rally in the first quarter (Q1) of 2025. The analyst has set a new all-time high (ATH) target for Dogecoin, expecting it to surge past the $1 mark.
On January 22, TradingShot, a crypto analyst on TradingView, announced that Dogecoin is on track to achieve a new ATH of $1.6 in Q1 2025. The analyst shared a chart analyzing the meme coin’s daily price action and highlighted key technical indicators and patterns supporting his bullish forecast. According to the TradingView expert, the 1-Day 50 Moving Average (MA) is currently acting as a crucial support level for Dogecoin. The analyst revealed that Dogecoin had previously attempted to break above this trend line, but a recent pullback had pushed its price back to this support zone.
The analyst pointed out that during Dogecoin’s past price action between September and November 2024, it broke above the MA50, successfully retesting this critical support level and triggering a major price rally. This significant bullish trend lasted approximately two months, pushing DOGE to the 3.0 Fibonacci extension level after hitting a price bottom on August 5, 2024. Based on this pattern, the market expert suggests that for a similar rally to occur in 2025, buyers must reclaim the 1-Day MA50 as a support level.
The TradingView analyst’s chart compares Dogecoin’s current price action with its historical fractals in 2024. In both years, the meme coin experienced a period of correction followed by a bottom, as seen in the chart. After bottoming out, DOGE traded within a Descending Channel, which acted as a precursor to a breakout, ultimately sparking a major bullish rally. On both occasions, Dogecoin’s 1-Day Relative Strength Index (RSI) sequence followed a similar downtrend before breaking out and paving the way for the price rally.
Additionally, Dogecoin experienced a Golden Cross on the daily chart earlier in this cycle, where the 50-day Moving Average crossed above the 200-day MA, historically viewed as a bullish signal. If Dogecoin’s 1-Day MA50 and price action follow the same path as historical records, it could replicate 2024’s bull rally, pushing it to the projected 3.0 Fibonacci extension target, corresponding with the $1.6 price level.
While some analysts project a surge to $1 for the Dogecoin price, Trader Tardigrade forecasted on X (formerly Twitter) that the popular meme coin is gearing up for a higher rise to $2. The analyst identified the emergence of a bull flag pattern on the DOGE 2-day price chart, suggesting a $2 target for Dogecoin, marking a potential 471% increase from its current market price. As of writing, DOGE is trading at $0.35, reflecting a slight 3.1% decline in the past 24 hours, according to CoinMarketCap.