Dogecoin Price Prediction: Why DOGE Could Soon Rally By 50%

Highlights:

• Dogecoin is in the green bulls face strong resistance at $0.397
• A rally through $0.397 could see DOGE hit $0.50 short-term
• Increasing bullish sentiment across the market could trigger a DOGE price rally

Dogecoin (DOGE) is making small upside moves today. In the last 24 hours, DOGE has edged higher slightly by 1.10%. At the time of going to press, Dogecoin was trading at $0.33. However, like most of the market, Dogecoin trading volumes are down significantly today.

When writing, Dogecoin trading volumes had dropped by 13.18% to stand at $3.52 billion. This reflects the uncertainty in the market intra-day as the market is still trading close to support levels. Despite the uncertainty reflected in Dogecoin’s trading volumes, the odds are high that bulls will prevail over short-term selling pressure.

Bitcoin Could Help Push DOGE Through Critical Resistance

A key factor that supports a rebound for Dogecoin is Bitcoin. Like every other altcoin, Dogecoin’s price action is mainly driven by Bitcoin. This is evident in the fact that Dogecoin has been in a correction this week, mirroring Bitcoin’s correction from $101,000 to $92k. 

However, Bitcoin is regaining its momentum and has today jumped off the $92k price level. This has seen top altcoins like Dogecoin make a rebound as well. If Bitcoin continues this momentum and pushes through $100k, the odds are high that Dogecoin could follow it as well. Dogecoin’s intra-day price action is evidence of the potential it holds in the event Bitcoin manages to overcome this week’s correction and rallies back through the $100k mark.

#Bitcoin forming a bullish continuation pattern?

BTC has held strong above $91K support despite multiple tests.

The price is currently in an ascending broadening wedge pattern.

This pattern can act as either a continuation or reversal pattern and can break either way.… pic.twitter.com/kTrERgDu7U

— Mags (@thescalpingpro) January 10, 2025

Analysts Predict $1 DOGE in 2025

Besides the potential for Bitcoin to help push the price higher, several other factors could push DOGE higher. One of them is the fact that it continues to stand tall amongst the many meme coins that dot the cryptocurrency landscape at the moment. This is evident in the fact that big industry players are talking about Dogecoin.

Alex Thorn, an analyst at Galaxy Digital, has talked about DOGE, predicting that the top meme coin could hit a dollar in 2025. Such predictions are a big deal as they inspire investors to push money into DOGE in the hopes of doubling it within the year.

DOGE at Selling Climax Bottom

Some market analysts also believe that Dogecoin’s price action points to a possible rebound. One analyst pointed out that Dogecoin was painting a selling climax at the bottom of the charts. This means DOGE is holding steady above a key support line, an indicator that despite the recent selloff, a bullish market structure remains. This is perfectly in line with Alex Thorn’s and other analyst predictions that DOGE could be headed to a high of $1 in the short term.

#Dogecoin Could Be Forming a Selling Climax Bottom 🔥$Doge remains above a support trendline, providing a secondary test (ST) to the structure.
Eventually, $Doge will show a sign of strength (SOS) in the surge 🚀🚀 pic.twitter.com/Fx57HyWGsy

— Trader Tardigrade (@TATrader_Alan) January 10, 2025

Volatility Remains High Despite Bullish Projections

However, caution is important in the short term, especially now that Bitcoin is still trading below the $100k resistance. The need for short-term caution is evident in the amount of liquidations that have taken place in the last 24 hours. In this period, $365.14 million of positions, both long and short, were liquidated in the crypto market.

Dogecoin’s numbers stand at $17.50 million, with $12.76 million in longs liquidated and shorts amounting to $4.74 million wiped out. It is an indicator that volatility remains high as investors await a clear breakout.

This uncertainty is evident in the price chart where Dogecoin is currently range bound between the $0.397 resistance and $0.310 support. This means Dogecoin could break out in any direction in the short term.

However, with bulls gaining control across the market, the odds are higher that DOGE will soon test the $0.397 resistance. If there is a clear breach of this resistance level, then DOGE could soon rally to $0.50, a key target in the short to medium term.