Doge price
Crypto Analyst Explains Why Dogecoin Price Will Hit $1
Bitcoin’s recent sell-off has affect, Dogecoin leading to a 21% crash. Regardless, the long-term outlook remains bullish, which leads many to believe that the Dogecoin price could be on a path to retest $1 this year. Will DOGE bulls pull through?
Dogecoin Price Could Surge To $1: Analyst
Dogecoin price has dropped to $0.3787, down by 21% from its highest level this year. A 20% drop from a local top of $0.4790 is a sign that it has moved into a short-term retracement. This decline is most likely because of the ongoing crypto sell-off, with Bitcoin falling from this month’s high of $99,700 to $92,000.
However, some analysts believe that the Dogecoin price will bounce back and hit $1. As such, the coin needs to rise by 164% from the current level. In a note, Bluntz, who has almost 300,000 followers, noted that the coin was in the fourth phase of the Elliot Wave.
Elliot Wave is a theory that explains how financial assets move over time. Its impulse phase is made up of five stages, with the third one being the longest. The fourth wave is usually a corrective one and is followed by the bullish fifth wave.
In another post, Gladiator, a popular analyst, estimates that DOGE price has more upside as its performance mirrors that of the last bull cycle in 2021. He expects that the coin could jump to as high as $10 at the turn of the year.
Meanwhile, Trader Tardigrade noted that the value of DOGE coin was forming a high tight flag pattern, a rare sign that indicates a strong upward movement. He expects that Dogecoin will jump to $1, especially if FOMO resumes.
DOGE Price Analysis As It Hits Key Support
Dogecoin price has pulled back after it formed a doji candlestick pattern on November 24. A doji is characterized by long upper and lower shadows and a small body. It is one of the most bearish reversal patterns in the market.
The coin has dropped and hit a crucial support, which is made up of the lowest swings on November 12 and 17. If it ends the day above that support level, it will be a sign that it has formed a morning star candle, a popular bullish reversal sign.
Dogecoin price has remained above the 50-day and 200-moving averages. It is also above the key support at $0.2286, the upper side of the cup and handle pattern.
Therefore, since it has formed a bullish-flag-like pattern, there is a likelihood that it will bounce back in the coming days. If this happens, the initial target will be at $0.4795, its highest swing this month. A break above that level will point to more gains, potentially to $1.
On the other hand, a drop below the lower side of the ascending channel at $0.3646 will invalidate the Dogecoin price prediction. That breakdown could push it to the psychological level at $0.30.
Frequently Asked Questions (FAQs)
Dogecoin needs to rise by 165% to get to $1, which is a possibility in the crypto industry. Just recently, it jumped by 486% from its lowest point in August and this month’s high.
The cryptocurrency industry needs to be doing well and the coin needs to move above the resistance level at $0.4795 for this bull run to happen.
Dogecoin can crash to as low as $0.2286, the upper side of the cup and handle pattern. That move will be confirmed if it drops below $0.30.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Whale Alert, a prominent crypto and blockchain tracking platform, has spotted a massive DOGE deposit amid the Dogecoin price crash. This enormous deposit, involving over 70 million DOGE tokens, was moved by an anonymous whale to Binance, the world’s largest crypto exchange. Moreover, the lofty Dogecoin transaction comes on the heels of a recent10% price crash in the meme coin.
Whales Move Over 70 Million Dogecoin To Binance
The recent Dogecoin price crash may have triggered fear among investors, as DOGE whales are suddenly selling off their holdings. With analysts and traders expressing hopes of an imminent Dogecoin price breakout, many are voicing frustration and concern over the ongoing DOGE sell-offs, fearing further delays in the market’s momentum.
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Notably, Whale Alert spotted a substantial Dogecoin transfer on January 7. The cryptocurrency tracker reported that approximately 70,081,124 DOGE tokens were moved by an anonymous whale to Binance. This massive deposit, worth over $27.6 million, has caught the attention of the crypto market, as most large-scale whale transactions often do.
Typically, when an asset is transferred from a wallet to a crypto exchange, it indicates the potential for a sell-off. This is because investors often move their holdings to crypto platforms like Binance when they plan to liquidate their positions.
The recent 70 million DOGE transfer is a large-scale market movement that could lead to increased volatility, potentially triggering more downturn for Dogecoin. At the time of writing, CoinMarketCap’s data shows that the Dogecoin price has declined by more than 11.2% in the past 24 hours. Considering the meme coin’s susceptibility to slight changes in market trends, additional sell-offs could exacerbate fears of further declines, potentially placing even more downward pressure on Dogecoin.
Notably, crypto analyst Ali Martinez has reported on X (formerly Twitter) that Dogecoin’s TD sequential is presenting a sell signal on its daily chart. Given this development, Martinez states that a Dogecoin price correction should be expected, as widespread liquidations often lead to a downtrend.
Analyst Cautions Against Selling DOGE
After breaking out of this Ascending Triangle, Dogecoin appears to have returned to the apex, testing it as a new support zone and aiming to bounce off this level to continue its upward trend. Crypto analyst Trader Tardigrade shared a chart on X, highlighting that the apex of the Ascending Triangle could serve as a launchpad for a Dogecoin price rally, with the potential to reach a new ATH of $0.95.
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Consequently, Dogecoin investors are being urged to stay on course as the meme coin undergoes this critical phase in its price action. Trader Tardigrade has emphasized that now is not the time to sell off prematurely or short DOGE, as doing so could result in missing the projected price surge to a new ATH.
Featured image created with Dall.E, chart from Tradingview.com
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The cryptocurrency market was in the red on Tuesday as Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) and other digital assets tanked. The crypto market crash happened at the same time as other risk-off events across the global financial market due to higher US treasury yields, a more hawkish Fed, and increased macroeconomic risk.
Why The Sudden Crypto Market Crash?
Rising U.S. Treasury Yields Trigger Risk-Off Sentiment
The crypto market has been declining today, and one of its leading causes was the increase in bond yields. The 10-year U.S. Treasury yield rose to 4.70%, with the 30-year and 5-year U.S. Treasury yields also up at 4.61% and 4.50%, respectively.
For context, higher bond yields make traditional investments more attractive, drawing capital away from riskier assets like cryptocurrencies. This shift also lead to further sell-off across other assets classes, including equities. The Nasdaq 100 dropped more than 1 percent and popular tech stocks including NVIDIA and Tesla suffered losses. For instance, Tesla stocks fell by 4.68% to $391.81 per share wiping off $19.24 of the share value.
2. Hawkish Federal Reserve Outlook Adds to Pressure
Moreover, the stance of the Federal Reserve’s monetary policy also played a big role in influencing investor perception. Minutes from the December meeting estimated lower interest rate cuts in 2025 than earlier projected.
The reports before the Fed minutes unveiled a robust labour market with job openings climbing to a six-month high. This led to a question of a possible continued inflation, which would mean a stricter monetary policy. In the past, tighter policies have been unfavorable to the cryptocurrencies as the higher interest rates make the cryptocurrencies unattractive.
Also, JOLTS job openings increased by 259,000 to 8.1 million in November 2024, which was the second straight month of growth. Professional services and finance were the best performers in the market. ISM Services PMI also pointed to the continuation of economic performance which stirred the fears of limited fed rate cuts in 2025.
3. Macro Uncertainty and Broader Economic Concerns
Uncertainty in the U.S. economy has heightened market volatility. Fiscal policies under President Donald Trump and the looming debt ceiling have created investor unease. Rising fiscal deficits and unclear Treasury strategies add to the concerns, further impacting market confidence.
Analysts, including Arthur Hayes, predict a short-term boost for crypto in Q1 2025 due to increased U.S. dollar liquidity. The Treasury’s spending could temporarily fuel gains for Bitcoin and Ethereum. However, the need to refill the Treasury General Account and April’s tax season could reverse these gains, leading to a crypto market crash.
Crypto-linked stocks like Coinbase and MicroStrategy have also suffered sharp declines. Rising bond yields and the Federal Reserve’s hawkish stance have intensified the sell-off. This downturn reflects the interconnected nature of global markets
BTC, ETH, DOGE, And Altcoins Price Action Amid Crypto Market Crash
The crypto market’s losses were pronounced, with major cryptocurrencies suffering steep declines and trading volumes surging amid the sell-off.
Bitcoin (BTC) price dropped 5.04% to $96,713, falling below the $100,000 psychological support level. The 24-hour trading volume rose 13% to $55.12 billion, indicating increased activity as traders reacted to the downturn. Its market capitalization declined to $1.91 trillion, reflecting the broader BTC bearish sentiment.
Meanwhile, Ethereum (ETH) was down by 8% to $3,394 after failing to hold the $3,600 level. Market capitalization of the company fell to $412.29 billion, while trading volume rose by 21% to $28.23 billion. Rising volatility indicated that the investors are more uncertain as compared to the previous periods in this environment.
Likewise, the value of XRP price declined by 5.66% to $2.29 as market capitalization fell by 6.03% to $131.29 billion. Nevertheless, the trading volume rose to $6.95 billion, which is 57.57% more, which shows increased activity.
The crypto market crash also affected top meme coins. Dogecoin (DOGE) recorded a 9.12% drop to $0.3546. Its market capitalization decreased to $52.3 billion, and trading volume soared 54% to $4.6 billion. The increase in trading activity reflected mixed reactions, ranging from profit-taking to panic-driven selling.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Dogecoin (DOGE) value gained 426% in 2024 but is currently down to 243%. Despite this massive uptrend, can DOGE price hit the $50 or $100 mark? Let’s explore.
Will Dogecoin Price Hit $50 or $100?
Dogecoin is the original top meme coin, created in 2013 as a joke. DOGE’s initial purpose was not to be a serious investment opportunity. Hence, Dogecoin, a dog-based crypto, does not have a unique value proposition, a robust development team, or a clear roadmap for growth. Its price appreciation is mostly driven by cycles of hype and frenzy. Hence, the chances of Dogecoin price hitting the $50 or $100 mark are highly unlikely.
The second reason is that DOGE’s value would need to surge by an unprecedented amount. To be precise, with the current circulating supply of 147 billion, the market capitalization needs to shoot up 14,900% from the current $49 billion for Dogecoin’s price to hit $50. This would put DOGE’s hypothetical market cap at $7.3 trillion.
In the second scenario, where Dogecoin’s value would hit $100, its market capitalization would need to surge 29,900% and hit $14.7 trillion.
To conclude, both outlooks where Dogecoin price hits $50 or $100 are highly unlikely.
Other Reasons Why DOGE Will Never Hit $50 or $100
The cryptocurrency market is highly competitive, with plenty of other tokens that showcase robust technology, stronger development teams, and clearer use cases. Hence, capital rotation could occur, preventing DOGE from surging higher and reaching the theoretical values of $50 or $100.
As noted above, Dogecoin’s fundamental value proposition, a meme coin, is lacking. In an ever-evolving crypto space, coins that offer more value and higher returns are investors’ first choice. Therefore, it is highly unlikely that DOGE will hit the double—or triple-digit marks.
The nominal rise in market caps for Dogecoin’s price to hit $50 or $100 is absurd. To reach the aforementioned values, the market cap would have to multiply by 105-210.
Furthermore, the Dogecoin price prediction suggests DOGE would increase by 15,661% and $31,422% to hit the desired targets, which is impossible considering the market conditions.
Frequently Asked Questions (FAQs)
Dogecoin lacks a unique value proposition, robust development team, and clear roadmap for growth, making it unlikely to achieve significant price appreciation.
To hit $50, Dogecoin’s market capitalization needs to surge 14,900% to $7.3 trillion, and to hit $100, it needs to surge 29,900% to $14.7 trillion.
The cryptocurrency market is highly competitive, and Dogecoin faces stiff competition from other tokens with robust technology and clearer use cases, making it unlikely to achieve significant price appreciation.
Akash Girimath
Akash Girimath, an engineer by training, has developed a deep fascination with the complexities of cryptocurrency markets. As a senior reporter and analyst, he specializes in crypto analysis and contributes his expertise to notable platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages a small crypto fund for friends and family. His role involves providing insightful market analysis and keeping readers informed about the latest trends in the crypto world. Follow Him on Youtube , X and LInkedIn
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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