Dogecoin price is at a high level Uptrend New highs have been reached recently due to political events and market sentiment. As the top meme coin moves through the volatile market, a crypto analyst says Projects that DOGE could be preparing for a monster rally in the first quarter (Q1) of 2025. The analyst has set one new ATH target for Dogecoinand is expected to cross the $1 mark.
Dogecoin price recovers to new ATH
On January 22nd, TradingShot, a crypto analyst on TardingView, stated that Dogecoin is We are preparing to hit a new ATH of $1.6 in the first quarter of 2025. The analyst shared a chart examining the daily price movements of the meme coin and highlighting key technical indicators and patterns that support him bullish forecast.
According to the TradingView expert, the 1-day 50 moving average (MA) is an important blue trend line that is currently acting as Support level for Dogecoin. He revealed that the meme coin had previously attempted to break this trend line; However, a recent decline had pushed the price back into this support zone.
The analyst noted this during The past price history of DogecoinBetween September and November 2024, it broke the MA50, successfully retesting this critical support level and triggering one big price rally. This significant uptrend lasted for about two months and pushed 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 in 2025, buyers will need to reclaim the 1-D MA50 as a support level.
TradingView analyst’s chart compares Dogecoin’s current price action with his historical fractals in 2024. In both years, the meme coin experienced a correction phase, followed by a bottom, as seen in the red triangle in the chart.
After hitting the bottom, DOGE traded within a year Descending channelwhich acted as a precursor to a breakout and ultimately triggered a major bullish rally. In both cases, as indicated in the graphic, the 1-day price of Dogecoin Relative Strength Index (RSI) The sequence followed a similar downtrend before breaking out and paving the way for the price rally.
In addition to the bullish narrative, Dogecoin experienced one Golden Cross on the daily chart at the start of this cycle. Here, the 50-day MV crossed above the 200-day MA, which has historically been viewed as a bullish signal.
If Dogecoin’s 1D MA 50 and price action follows the same path as historical records, it could repeat itself The 2024 bull rallywhich pushes it to the forecast Fibonacci extension target of 3.0, which corresponds to the price level of $1.6.
DOGE bull flag points to higher price target
While other analysts predict an increase to $1 for Dogecoin price, trader Tardigrade predicted on X (formerly Twitter) that the popular meme coin is preparing for a higher rise to $2. The analyst has identified the emergence of one Bull flag Patterns on the DOGE 2-day price chart.
He reveals that this bull flag pattern measures a value of $2 Target for DogecoinThis represents a potential increase of 471% from the current market price. According to CoinMarketCap, DOGE is trading at $0.35 at the time of writing, down slightly by 3.1% in the last 24 hours.
Featured image from Unsplash, chart from Tradingview.com