Dogecoin (DOGE) may go through a long and challenging period, but a significant rebound is expected in April 2025. Looking back at 2024, Dogecoin's price once peaked at $0.23, but failed to continue rising in the following months, only breaking above $0.40 by the end of 2025, setting a new annual high.
If this price trend occurs again, it may indicate that Dogecoin will linger in a stagnation zone until mid-April, and then break through again around the middle of next year.
Will the upward momentum of Dogecoin arrive sooner?
This theory is quite intriguing. Bullish investors in Dogecoin, if they hear about the risks, may be more inclined to see a rebound in Dogecoin prices before April next year, which would undoubtedly make them happy. Why is that? An agency called the Department of Government Efficiency (DOGE), somewhat ironically, is headed by Elon Musk, a long-time supporter of Dogecoin, and will officially be established in Washington next January.
The government of the new U.S. president Donald Trump is considered the most cryptocurrency-friendly administration in history, having directed DOGE to reduce fraud and waste within government spending. Musk has shown his influence in Washington—he openly criticized the recent congressional spending bill on the X platform, reducing the bill's length from over 1,500 pages to just over 100 pages. By 2025, DOGE is expected to frequently make headlines, essentially ensuring Dogecoin's dominance in the meme coin market.
This means that as the 'Trump trade' drives cryptocurrency prices again (likely to happen in the coming weeks), DOGE will become the standout favorite. However, current chart analysis still shows that there is downside risk for Dogecoin prices. The latest price of Dogecoin is approximately $0.32, having fallen below the 21-day and 50-day moving averages after last week's plunge.
Additionally, Dogecoin has yet to retest its early 2024 high of $0.23, which will become a major target for bears. Chart analysis indicates that Dogecoin may experience a downward trend in the short term. However, if the price does drop to the low of $0.20, this could be a good buying opportunity. Considering that Dogecoin may break through $1.0 and achieve a 5-fold increase in this bull market, it is undoubtedly one of the most valuable cryptocurrencies to invest in right now.
