After experiencing a decent surge, many memecoins are currently consolidating within a specific range. In contrast, Dogecoin’s price is demonstrating notable strength, suggesting it may continue on an ascending trend. However, some indicators are not signaling a bullish outlook, hinting that a wider correction could loom ahead if Dogecoin doesn’t maintain its critical support levels.
Recently, Bitcoin bounced back above $100K, which was expected to ignite bullish momentum across the cryptocurrency market. While other tokens struggled to keep up with this buoyancy, Dogecoin is putting in a valiant effort to sustain its upward trajectory. Since the beginning of 2025, Dogecoin has consistently aimed to rise above $0.4. Recent activities among whales indicate that a significant movement may be on the horizon, but technical indicators suggest that a correction may also be forthcoming.
What lies ahead for the Dogecoin (DOGE) price? Could it pave the way for a healthy ascent to $1 in 2025?
Retail traders often track whale activities, believing these movements signal upcoming price shifts. As whale accumulation has been on the rise, optimism around Dogecoin has spiked, positively influencing its price. Whales have been actively accumulating DOGE throughout 2024 and recently ramped up their activities, now surpassing the accumulation seen during the 2021 bull run. Currently, more than 5,000 wallets hold over 1 million DOGE, which is a strong bullish indicator.
However, retail traders appear hesitant to jump in, as the count of active addresses remains around the average level. The technical indicators are not particularly supportive of a bullish trend. The TD sequential indicator, which aims to indicate potential trend reversals, remains bearish, suggesting a price correction may be near. Additionally, the weighted social sentiment is sitting around 0.60, revealing a general pessimism about Dogecoin’s upside potential.
The DOGE price chart shows that bulls are fiercely trying to maintain an upward trend, battling to uphold the 50-day moving average (MA). This support level provides a solid foundation, yet the price struggles to achieve a robust rebound into the higher ranges. This lag may be attributed to declining volume, which has impeded the rally’s progress. Furthermore, the incremental Relative Strength Index (RSI) indicates that the upward momentum has halted, lending credibility to the bearish outlook.
Despite these pessimistic signals, Dogecoin could refute this narrative if it manages to rise above the 0.786 Fibonacci retracement level at $0.4 in the coming hours. Such a move could set the stage for a healthy upward trend, potentially aiming for the 2024 highs around $0.55, with the target of achieving a new all-time high (ATH) of $1 not out of reach.
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FAQs:
Will Dogecoin reach $5?
Predictions suggest that Dogecoin may hit $5 within the next decade.
How high could the DOGE price go by the end of 2030?
There is potential for the price to surge as high as $3.035 by 2030.
Is Dogecoin a wise investment?
Yes, Dogecoin stands as a solid long-term investment option for those considering it.
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