Recently, the price of Dogecoin has been in a predominantly bullish trend. Driven by political events and market sentiment, it has reached new highs. As the top meme coin navigates the volatile market, crypto analysts project that Doge might be gearing up for a monster rally in the first quarter (Q1) of 2025. Analysts have set a new target for Dogecoin, expecting it to surpass the $1 mark.

 

On January 22nd, crypto analyst TradingShot on TradingView declared that Dogecoin is set to reach a new ATH of $1.6 in the first quarter of 2025. The analyst shared a chart that examined the meme coin's daily price movements and highlighted key technical indicators and patterns supporting his bullish prediction.

According to the TradingView expert, the 1-day 50 Moving Average (MA), represented by an important blue trend line, is currently acting as a support level for Dogecoin. He revealed that the meme coin had previously attempted to break above this trend line. However, a recent pullback pushed its price back to this support zone.

The analyst pointed out that in Dogecoin's past price movements, between September and November 2024, it broke through the MA50, successfully retested this key support level, and triggered a major price rally. This significant bullish trend lasted for approximately two months, pushing DOGE to the 3.0 Fibonacci extension level after hitting a price bottom on August 5th, 2024. Based on this pattern, market experts suggest 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 fractal in 2024. In both years, the meme coin went through a period of correction followed by a bottom, as indicated by the red triangles in the chart.

After hitting the bottom, DOGE traded within a descending channel, which preceded a breakthrough that eventually sparked a major bullish rally. In both cases shown on the chart, Dogecoin's 1-day Relative Strength Index (RSI) followed a similar downward trend before breaking through and paving the way for price increases.

In addition to the bullish narrative, Dogecoin experienced a golden cross on its daily chart earlier in this cycle. Here, the 50-day MA crossed above the 200-day MA, which has historically been regarded as a bullish signal.

If Dogecoin's 1D MA 50 and price movements follow the same path as in history, it could replicate the 2024 bull market rally and push it towards the projected 3.0 Fibonacci extension target, corresponding to a price level of $1.6.

While other analysts predict a price surge to $1 for Dogecoin, Trader Tardigrade predicted on X (formerly Twitter) that the popular meme coin is gearing up for an even higher climb to $2. The analyst has identified a bull flag pattern on DOGE's 2-day price chart.

He revealed that this bull flag pattern has a price target of $2 for Dogecoin, representing a potential 471% increase from its current market price. According to CoinMarketCap data, as of the time of writing, DOGE is trading at $0.35, with a slight 3.1% decline in the past 24 hours.