As the year 2025 begins, every crypto trader has one thought on their mind: will Dogecoin make a comeback this year or not? 2024 was a mixed year for cryptocurrencies, but Dogecoin (DOGE) stood out with strong price action.
The cryptocurrency market got off to a slow start in 2024 but finished strong, with digital assets like DOGE performing well. Its strong roots as one of the first memecoins to enter the top ten cryptocurrencies by market capitalization have kept it under every analyst’s watch.
Analyst Ali Martinez highlighted the long-term trend of DOGE’s ascending parallel channels, suggesting the possibility of a massive 6,770% surge to $22.11. If achieved, it would put DOGE’s market capitalization at $3.26 trillion, making it one of the most valuable assets in the world.
DOGE saw a notable increase starting in early November. Starting the year at around $0.092, DOGE climbed steadily, reaching $0.15 in November, an increase of 63%. This upward trend has become even more pronounced, fueled by the support of Tesla CEO Elon Musk and his ties to President-elect Donald Trump.
The announcement from the Department of Government Efficiency (DOGE) further boosted investor confidence. On December 8, DOGE surged to $0.47, marking a 414% year-to-date (YTD) gain.
After peaking, DOGE fell 32%, trading at $0.32 as of December 30. Although the decline has dampened short-term enthusiasm, technical analysts remain optimistic about its future.
Despite Alis’ ambitious predictions, most experts believe a more realistic price target is between $2 and $4. Technical indicators show that DOGE is in a consolidation phase, with key support levels at $0.30 and resistance between $0.35 and $0.40. The MACD (Moving Average Convergence Divergence) chart highlights a downtrend, with momentum fading from the November highs.
Market sentiment towards Dogecoin is mixed, largely due to speculative trading. Open interest data, which measures market engagement, suggests moderate activity. DOGE’s next move will depend on it breaking through resistance zones and resuming bullish momentum.
For now, DOGE remains in a near buy zone at $0.30 to $0.32, with upside potential if market conditions improve. However, risks remain, including unfilled liquidity gaps below current prices, which could lead to further declines. Enthusiasts and traders are closely watching as DOGE passes through this critical period.
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