Dogecoin Price Rallies to $0.33 – Will the Triangle Pattern Spark a Rally?
The price of Dogecoin (DOGE) has rebounded to $0.33 after dropping to the $0.26 range last week. It is currently forming a triangle pattern that could potentially trigger a bullish breakout. This suggests that there might be a short-term pump for Dogecoin, pushing its price back to the recent highs of $0.48 in the coming days. However, it is important to note that the 21 and 50-day moving averages (DMAs) in the $0.37-38 range could pose as strong resistance, especially since they align with recent lows.
Nevertheless, positive sentiment is expected to continue until the end of the year. This is because major cryptocurrencies are gradually recovering from a sell-off caused by the Federal Reserve’s unexpectedly hawkish interest rate projections. Although most major cryptocurrencies are still below their pre-hawkish Fed meeting levels, there is potential for further recovery. Additionally, there are several factors supporting the crypto market currently. We are on the verge of entering a new golden age for crypto markets, both in the United States and globally. The incoming Trump administration and Congress are likely to accelerate the adoption of Bitcoin and other major cryptocurrencies, with hopes of establishing a US strategic Bitcoin reserve.
This sets the stage for the emergence of a new meme coin/alt-coin season, which we have already seen glimpses of since Trump’s emphatic election victory. Dogecoin, being the oldest and largest meme coin, would likely lead any future meme season. This is further reinforced by the establishment of Elon Musk’s new Department of Government Efficiency (D.O.G.E) under the Trump administration. Musk’s department aims to combat government fraud and wastefulness, making it a controversial and frequently discussed topic in the news. As a result, Dogecoin is expected to maintain a significant portion of the meme coin market, ensuring its continued market leadership.
How High Will the Dogecoin (DOGE) Price Rally This Cycle?
A recovery back to the recent highs in the Dogecoin market is highly likely in early 2025 as Trump returns to the White House. Bulls are hoping for a rally that surpasses the 2021 record highs above $0.70, and potentially even reaching $1.0 for the first time. However, historical analysis of past Dogecoin cycles suggests that the bulls should be aiming higher, as this rally is expected to exceed expectations. Since its inception in 2014, Dogecoin has gone through three market cycles, and these cycles provide insights into what could happen to DOGE in 2025. By drawing a Fibonacci extension from the previous bear market low to the previous bear market high, it is evident that Dogecoin has always rallied well beyond the 4.236 Fibonacci level. In fact, during its 2021 rally, Dogecoin exceeded this Fibonacci extension by over 10 times. Based on the 4.236 Fibonacci extension level from the 2022 bear market lows to the 2021 highs, it is projected that Dogecoin should at least reach $3 per token in this cycle.
However, considering Dogecoin’s history of surpassing expectations, it wouldn’t be unreasonable to expect a $10 Dogecoin price in this cycle. Of course, this would imply a multi-trillion-dollar market capitalization, which might be overly ambitious. Nonetheless, Dogecoin has the potential to increase by 10 times from its current levels, reaching a market cap in the hundreds of billions. This makes it a strong contender for the best meme coin to buy now.
Meme Coin Alternative With Massive Potential – Meme Index (MEMEX)
For most investors, a 10x gain is considered a best-case scenario. However, in the world of crypto, many individuals are searching for the next project that can deliver 100x returns and make them rich. One such project that has attracted attention from analysts at goldwebnexus.com is Meme Index (MEMEX). Meme Index introduces the world’s first decentralized meme coin index, allowing investors to diversify their holdings across various meme coins through community governance.
Given that the meme coin market cap reached a staggering $137 billion in 2024, analysts believe that there is significant demand for innovative investment vehicles like Meme Index. In fact, Meme Index has already raised close to half a million dollars in presale token sales. The project’s potential lies in its ability to offer different risk levels through indexes such as Titan, Moonshot, Midcap, and Frenzy, catering to a wide range of investors.
Furthermore, MEMEX holders can stake their tokens for high annual percentage yields (APYs), encouraging long-term holding and potentially increasing the token’s value. It comes as no surprise that numerous experts have voiced their support for MEMEX. Michael Wrubel and Austin Hilton, with a combined subscriber count of over 600,000 on YouTube, have recently praised the project’s potential. Meme Index has also undergone major audits conducted by Coinsult and SOLIDProof, and it can be purchased using ETH, USDT, or a bank card.
Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes only and does not constitute investment advice. There is a possibility of losing all invested capital.