Dogecoin has rebounded after testing its key support at $0.14 and is currently trading near $0.17. The meme coin has surged 6.11% in the last 24 hours, signaling renewed postive momentum in the market.
With a market capitalization of $25 billion and a 24-hour trading volume of $1.56 billion, DOGE’s price movement aligns with Bitcoin’s uptrend, further boosting the crypto market’s bullish sentiment. But does meme coin have the potential to reach $1 by 2025? Let's analyze.
Data from Glassnode shows Dogecoin’s network growth is accelerating, with new wallet addresses doubling from 16,400 to 34,600 within a month. This increase in adoption signals rising investor interest and potential for further price appreciation.
Additionally, IntoTheBlock’s on-chain data reveals a surge in large transaction volumes, reinforcing postive outlook.
According to analyst Ali, Memecoin is currently testing a crucial support level within its long-term ascending channel. If this support holds, a rally toward the mid or upper boundary of the channel is likely.
Technical indicators suggest that resistance levels at $0.30 and $0.50 could be the next targets. If bullish momentum persists, meme coin could aim for the $0.90 to $1.00 range. In an extremely bullish scenario, extended price targets could reach $1.60, $2.77, or even $6.33.
However, if coin fails to hold support, it could drop to $0.10 or $0.07, with extreme bearish scenarios pointing to $0.0067 or even $0.0018.
The Memecoin is attracting institutional investors, with firms like Grayscale and Bitwise showing interest in launching spot DOGE ETFs. This institutional involvement reflects confidence in the meme coin’s long-term potential.
Meanwhile, on-chain data from Santiment reveals that whales have accumulated over 1.4 billion DOGE in recent days, pushing their total holdings to 24.6 billion coins. This accumulation trend suggests strong buying pressure and potential for an upcoming breakout.
DOGE has consistently formed higher highs and higher lows, maintaining its long-term bullish trajectory. Breaking above the $0.20 resistance could trigger a new rally, while holding above $0.14 remains critical for preventing deeper corrections.
With rising adoption, whale accumulation, and growing institutional interest, Dogecoin’s future looks promising. If bullish momentum continues, it can hit $1 in 2025 could become a reality.
Also read: Bitcoin Price Prediction: Will US CPI Data Fuel BTC’s Next Move?
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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