Will Dogecoin rebound soon? Analysts expect an 85% increase by 2025

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Analysts indicate that the price of Dogecoin (DOGE) is expected to rise by 85%, potentially reaching around $0.75 by early 2025. After hitting an annual high of $0.47 last month, the cryptocurrency is currently trading at around $0.40.

This forecast is being released at a time when significant activity from whales and bullish market sentiment have fueled enthusiasm for Dogecoin, particularly following recent political events (such as Donald Trump's re-election).

Dogecoin: Current Market Conditions

There are many factors contributing to the recent rise in Dogecoin's price. Major holders (or 'whales') have made substantial investments, purchasing approximately $160 million worth of Dogecoin in the past 24 hours. This is particularly noteworthy. This accumulation indicates that investors are confident about the asset's future performance.

Experts believe that the buying frenzy and ongoing enthusiasm for Dogecoin could lead to a new high by the end of 2024.

Despite a 4.30% decline in Dogecoin's price last month, many experts believe this stabilization phase will end with a significant breakout. The current price trend of Dogecoin is very similar to that of 2021, when Dogecoin's price experienced similar events that led to stabilization.

Technical Indicators Support Bullish Outlook

According to Fibonacci retracement levels, Dogecoin's price could rise by 85% from current levels by January 2025. If this prediction comes true, this surge would lift Dogecoin's price to around $0.75, reaching the coveted $1 mark.

The RSI has recently entered the overbought zone. This situation typically indicates significant price fluctuations, whether upwards or downwards; however, historical evidence suggests that such signals have led to favorable trends for memecoins.

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