As attention-grabbing as Bitcoin’s (BTC) rally to $100,000 and XRP’s above $2 was, various other tokens and meme coins have recorded stellar gains in 2024, with many rising well above their old highs.
The original meme coin, Dogecoin (DOGE), both is and isn’t an exception to this rule. The dog-themed cryptocurrency’s yearly surge would have generated exceptional returns to any investor, albeit less than an early 2021 purchase, followed by a cashing out in May of the same year.
Under the circumstances, even a relatively late DOGE investment made on January 1, 2021, would have generated a massive windfall by press time on December 13, so let’s break down the exact figures.

The investment: $1,000 in DOGE on January 1, 2021
To begin with, Dogecoin was changing hands at the relatively low $0.005685 on January 1, 2021, while, by press time on December 13, 2024, DOGE price rocketed to $0.40381. 
Considering the price dynamic, $1,000 invested into the meme coin at the start of 2021 would have ensured ownership of 175,901 DOGE. Said Dogecoin would be worth $70,978 this Friday, December 13, signaling an overall rise of 7,003.08% and a total profit of nearly $70,000.
As impressive as this performance is, traders who were savvy enough to spot the 2021 DOGE market top and sold in May could have – within mere months – turned $1,000 into an incredible $120,453.
If the time frame is shortened to the current bull market, Dogecoin entered 2024 trading at the modest price of $0.09206, and the year-to-date (YTD) chart reveals an annual rally of 352.14%. 
This means a $1,000 investment made on New Year’s Day would have purchased just over 10,862 of the meme coin. At press time, the same number of Dogecoin would be worth an impressive $4,386.

DOGE YTD price chart. Source: Finbold
Finally, despite DOGE’s stellar performance – whether purchased at the start of 2021 or only in 2024 – data shows it would not have been the best meme coin to hold long-term. 
As Finbold calculated on December 12, 2024, a $1,000 investment in Shiba Inu (SHIB) made on January 1, 2021 would have grown to $172,888.
What is next for Dogecoin investors?
For investors who have already held on to Dogecoin for a long time, the prime question in late 2024 is likely whether it is worth keeping the meme coin in their portfolio. 
While there is no clear answer to such a question – though all investors who purchased after May 2021 and before November 2024 would probably be wise to take at least some of the profit – there is a strong sentiment in the cryptocurrency market that the bull cycle is still only at its beginning.
Indeed, Dogecoin itself appears stable for the time being – though there is always some doubt if technical analysis (TA) even makes sense for such assets – as the relative strength index (RSI) at 55.23 shows it is neither ‘overbought’ nor ‘oversold.’
On the flip side, DOGE’s 17 green days out of the last 30 and overall optimistic investor sentiment serve as a testament to the strength of the recent rally and the confidence it will continue trading higher.

Furthermore, it is important to say that broader market factors also hint at persistent strength. For example, Bitcoin – usually the trendsetter for digital assets – is, by press time, widely expected to rally at least another 150% in 2025 to $250,000, indicating a broad uptrend.

#dogecoin $DOGE

For a deeper analysis of the DOGE/USDT chart, we can consider additional technical tools and interpret their signals:

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1. EMA Analysis:

The 7 EMA is below the 25 EMA and 99 EMA, confirming a bearish short-term trend.

The wider the gap between these EMAs, the stronger the bearish momentum. If the 7 EMA starts crossing upwards over the 25 EMA, it could indicate a potential bullish reversal.

Key Observation: Until the 7 EMA starts closing the gap with longer EMAs, the bearish trend is likely to continue.

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2. Volume Analysis:

There are noticeable spikes in volume, suggesting heightened market activity. Such volume spikes can signal significant accumulation or distribution phases.

Low volume during price drops indicates a lack of buying support, while high volume in upward price moves may indicate renewed interest.

Key Observation: Monitor volume closely for signs of accumulation (volume increasing with stable or rising prices) to anticipate a reversal.

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3. Support and Resistance Levels:

Support: The 24-hour low of 0.38000 acts as immediate support. A break below this level could trigger further decline.

Resistance: The 24-hour high of 0.44855 serves as a short-term resistance. Breaking above this could indicate recovery.

Key Observation: Watch how the price interacts with these levels. If 0.38000 breaks, the next support might be around 0.35 (based on historical price levels).

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4. RSI (Relative Strength Index):

Although not visible in the screenshot, adding RSI can help measure whether the asset is overbought or oversold.

If RSI is below 30, the market is oversold, signaling a potential rebound. If above 70, it’s overbought, suggesting a possible correction.

Key Observation: Combine RSI signals with volume for a more accurate prediction.

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5. MACD (Moving Average Convergence Divergence):

If MACD is below the signal line and moving downward, it confirms the bearish trend.

A bullish crossover (MACD line crossing above the signal line) would indicate a reversal.

Key Observation: Watch for a bullish MACD crossover, as it often precedes a recovery.

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6. Bollinger Bands:

The price likely touched the lower Bollinger Band, indicating oversold conditions.

A move back toward the middle or upper band would suggest recovery.

Key Observation: Check if the price is squeezing within the bands (consolidation) or breaking out.

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7. Fibonacci Retracement Levels:

Plotting Fibonacci retracement from the recent high (0.44855) to the recent low (0.38000) can highlight key retracement levels (38.2%, 50%, and 61.8%) for potential bounce-back points.

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Final Thoughts and Strategy:

Short-term Prediction: Bearish trend likely to continue unless price breaks above 0.40 with strong volume.

Key Levels to Watch:

Support: 0.38000

Resistance: 0.40 and 0.44855

Recommended Strategy:

For traders: Wait for confirmation of reversal signals (EMA crossovers, RSI oversold, or MACD bullish crossover).

For long-term holders: Accumulation at support levels could be beneficial if you believe in the long-term value of DOGE.

#doge #dogecoin

#bitcoin #dogecoin
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