After achieving a growth of 450% by year-end to trade and be held at $0.35 following the Federal Reserve's announcement after Memecoin hit an impressive $0.45, experts tracking DOGE's bullish momentum believe that Dogecoin could still reach $1 by 2025.
Many may have anticipated a 25 bps rate cut announced by the Federal Reserve. However, according to a post on X by Kobeissi Letter, the resistance following the rate cut has triggered significant sell-offs in many assets, especially in the cryptocurrency market.
Dogecoin could still reach $1 by 2025 despite the current situation.
The latest developments have brought DOGE back into the spotlight, even as it trends in the tenth position according to CoinMarketCap, after briefly experiencing an impressive price of $0.45. The recent price surge has sparked speculation across the market about whether the long-awaited bull run could finally push Dogecoin to the coveted $1 mark. At the time of writing, DOGE had risen 7% on the day, but overall, it remains down 4% for the week so far and perhaps up 8% when looking at the entire month to date.
According to some experts, the Fear and Greed Index of DOGE is at 80, indicating extreme greed is prevailing at this moment, all happening as Bitcoin recently surpassed its all-time high of $106,000. Analysts believe that Bitcoin's unprecedented bull run indicates profit potential for early adopters, such as those who bought the leading cryptocurrency at $16,000 in 2022. As overall market conditions improve, experts believe that despite the current situation, Dogecoin could still reach $1 by 2025 thanks to significant capital inflows into the digital asset market.
Analysts' Chorus
Market analysts believe that Dogecoin could still reach $1 by 2025 despite Memecoin having experienced a slight hit, indicating a perceived consolidation phase that could be a temporary pause before a major breakout. The biggest prediction comes from technical analyst World of Charts, as shared in a recent post on X, stating that "Dogecoin is showing strong breakout signs in the coming days. Momentum indicates that $1 is within reach this month."
According to Ceciliones, another analyst, DOGE is poised for a 127% growth and based on the potential of the bullish flag pattern, Memecoin is still expected to reach the $1 milestone. Ceciliones' prediction aligns with a previous forecast from cryptocurrency expert Jacob Canfield, who believes it will follow the path that XRP took and that Dogecoin could still reach a higher target of $1.15. Another technical indicator from Bollinger Bands and RSI also suggests a short-term correction followed by bullish momentum, further reinforcing speculation that Dogecoin could reach $1 by 2025 or just before we end 2024.
Could the unlimited supply of DOGE be a hindrance?
The current market capitalization of Dogecoin is just below $60 billion, and Memecoin previously reached $84 billion just before peaking. Experts seem divided on whether Memecoin can surpass this figure this time and accelerate to the $800 mark, which could ultimately make the $1 price a reality. While some believe that the unlimited supply of this token could be a hindrance, others see the continued backing of billionaire Elon Musk as a positive aspect that could push it past the $0.80 mark, and Dogecoin could still reach $1.
Conclusion
The current bull run in the cryptocurrency market offers investors an opportunity to enter the market and potentially double the amount of cryptocurrency they hold. Ongoing debates on social media that Dogecoin could reach $1 by 2025, along with Elon Musk's endorsements, seem to be key factors driving this possibility. As speculation from analysts dominates the headlines, there is also a distant possibility that Dogecoin could still reach $4 in the not-so-distant future.
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