After achieving a 450% year-to-end gain to trade and being held at $0.35 following the Federal Reserve’s announcement after the Memecoin had hit an impressive $0.45, experts watching the DOGE bulls for a potential rally believe Dogecoin could still reach $1 in 2025.
Everyone might have expected the 25Bps rate cut announced by the U.S. Federal Reserve. However, according to an X post by the Kobeissi Letter, the pushback following the rate cuts has caused a huge sell-off in many assets, especially in the cryptocurrency market.
Dogecoin Could Still Reach $1 in 2025 Despite the Current Situation.
The latest development has put DOGE back into the spotlight, even as it has been trending at number ten according to CoinMarketCap, having tasted the impressive $0.45 price tag briefly. The recent price surge sparked market-wide speculation on whether it was time for the highly anticipated rally that could have pushed Dogecoin toward the coveted $1 mark. At the time of writing, DOGE was up 7% for the day, but overall, it remained at 4% down for the week so far and perhaps 8% up looking at the entire month so far.
According to some experts, DOGE’s Fear and Greed Index stands at 80, which indicates extreme greed reigning at the moment, all this happening at a time when Bitcoin recently surpassed the $106,000 all-time high. Analysts believe the unprecedented Bitcoin Rally points to the potential for making profits for early adopters, such as those who bought the flagship cryptocurrency at $16,000 way back in 2022. As the overall market conditions improve, experts believe that despite the immediate situation, Dogecoin could still reach $1 in 2025 thanks to the ongoing significant inflow of capital to the digital asset market.
The Chorus of Analyst Voices
Market analysts who believe Dogecoin could still reach $1 in 2025 despite the slight hard beating the Memecoin has experienced point to a perceived consolidation phase that could be a temporary pause just before a major outbreak. The greatest prediction coming from technical analyst World of Charts, as shared in a recent X post, states that “Dogecoin is showing signs of a strong breakout in the coming days. The momentum suggests that $1 is not out of reach this month.”
According to Ceciliones, yet another analyst, DOGE is poised to experience 127% growth, and based on the potential for a bullish pennant pattern, the Memecoin is still slated to reach the $1 mark. Ceciliones’s prediction aligns with an earlier forecast by crypto expert Jacob Canfield, who believes it will follow the path already taken by XRP and that Dogecoin could still reach the higher figure of $1.15. Another technical indicator from Bollinger Bands and RSI also has suggested a short-term correction followed by a bullish momentum, further adding to the chorus of voices suggesting that Dogecoin could reach $1 in 2025 or just before we end 2024.
Could DOGE’s unlimited Supply be a Deterrent?
Dogecoin’s current market capitalization is slightly below $60 billion, and the Memecoin has previously reached the $84 billion mark just before its peak moments. Experts can’t seem to agree on whether the Memecoin will surpass the figure this time around and speed on to the $800 mark that could eventually make the $1 price a reality. While some believe the token’s unlimited supply could be a deterrent, some see the continued support of billionaire Elon Musk as a positive aspect that could cause it to break the $0.80 mark and Dogecoin could still reach $1.
Conclusion
The current crypto market rally offers investors a chance to enter the market and potentially double their crypto holdings. The ongoing debates on social media that Dogecoin could reach $1 in 2025, in addition to Elon Musk’s endorsement, seem to be among the main factors pushing toward this possibility. As speculations from analysts dominate the headlines, there’s also a remote possibility that Dogecoin could still reach $4 in the not-too-distant future.
FAQ
What factors could show that Dogecoin could still reach $1 by 2025?
Analysts believe two factors could determine DOGE’s journey:
Dogecoin’s path to $1 is dependent on two things:
1. Trump’s crypto-friendly policies and a new crypto-friendly Congress have assisted by adding to the hype
2. The influence associated with billionaire Elon Musk and the creation of Department of Government Efficiency (D.O.G.E.).
