Dogecoin price crawled back on Dec. 11 as the recent crypto sell-off eased and traders bought the dip.
Dogecoin (DOGE), the largest meme coin in the crypto industry, rebounded to $0.40 after falling to $0.36 a day earlier.
This recovery occurred as Bitcoin (BTC) and most altcoins attempted to regain ground. Bitcoin rose to $98,500 after bottoming at $94,200 earlier in the week. Similarly, altcoins such as Ethereum and Solana also posted slight recoveries.
Cryptocurrency analysts remain optimistic about Dogecoin, noting that it is still in a strong bull run. In an X post, Scofield, a popular crypto analyst with over 80,000 followers, noted that it was the last opportunity to buy the coin before a significant rally. He pointed to the fact that it was sitting at a key support level on the four-hour chart
Meanwhile, Ali Martinez, another prominent analyst, predicted that Dogecoin’s price could eventually rise to $3 during this bullish cycle. If market conditions turn highly favorable, he forecasted a potential surge to $18, representing a 4,400% move higher.
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Dogecoin has a history of dramatic price movements. For instance, it surged over 27,300% between its lowest point in January and May 2021.
Check out where we are in the #Dogecoin $DOGE bull cycle! Very early, right? For that reason, I'm thankful for the dip and will buy more between $0.40-$0.30. The target remains $3, and if things go wild, $18! pic.twitter.com/jdPODkxgHe
— Ali (@ali_charts) December 9, 2024
A key catalyst for Dogecoin’s price could be Bitcoin’s rebound and a move above its all-time high. If Bitcoin achieves this, it is likely to trigger a strong bullish breakout for DOGE.
Another potential driver is the incoming Donald Trump administration, which is anticipated to adopt a crypto-friendly stance. In the long term, the approval of a spot DOGE ETF could also lead to increased demand for the token.
Dogecoin price needs to flip $0.4843
DOGE price chart | source: crypto.news
The weekly chart shows that DOGE has been in a strong uptrend for the past several weeks, rising for eight consecutive weeks. This explains its temporary breather this week, as assets often pull back after extended gains.
Dogecoin price remains above the 50-week and 200-week moving averages and the 50% Fibonacci Retracement level. It has also moved to the ultimate resistance of the Murrey Math Lines.
Therefore, for DOGE to rise and hit $1, bulls will need to push it above the key resistance point at $0.4843, the year-to-date high. If this happens, the next vital price to watch in its path to $1 will be $0.7500, its all-time high.
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