Dogecoin Price Rallies to $0.33 – Will the Triangle Pattern Spark a Rally?
The Dogecoin (DOGE) price has rebounded to $0.33 after dropping to the $0.26 range last week. It is currently forming a triangle pattern, which could potentially trigger a bullish breakout.
This suggests that there might be a short-term pump in the Dogecoin price, pushing it back to its recent highs of around $0.48 in the coming days.
However, there could be strong resistance from the 21-day and 50-day moving averages (DMAs) in the $0.37-$0.38 range, as they align with some recent lows.
Nonetheless, positive sentiment is likely to continue until the end of the year. Why?
Well, major cryptocurrencies are gradually recovering from a sell-off caused by the Federal Reserve’s more hawkish than expected interest rate projections.
Despite this, most major cryptocurrencies are still below their levels prior to the hawkish Fed meeting, indicating the potential for further recovery.
Furthermore, there are several factors supporting the crypto market at the moment. We are on the verge of entering a new golden age for crypto markets in the United States and globally.
The incoming Trump administration and Congress are expected to accelerate the adoption of Bitcoin and other major cryptocurrencies. There is also hope that they will establish a strategic Bitcoin reserve for the United States.
Given these circumstances, a new meme coin/alt-coin season could emerge, as 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 particularly true considering that Elon Musk’s new Department of Government Efficiency (D.O.G.E) is set to be established under the Trump administration.
Musk’s department aims to combat government fraud and waste, and is expected to generate significant controversy and media attention. This virtually guarantees that Dogecoin will maintain a leading position in the meme coin market.
How High Will the Dogecoin (DOGE) Price Rally This Cycle?
It is highly likely that Dogecoin will experience a recovery and reach its recent highs in early 2025 when Trump returns to the White House.
Bulls are hoping for a rally that surpasses the 2021 record highs of over $0.70 and potentially even reaches $1.0 for the first time.
However, could this be the end of the road for Dogecoin? Analyzing past Dogecoin cycles suggests that the bulls should be aiming for higher targets, as this rally is expected to exceed expectations.
Since its inception in 2014, Dogecoin has gone through three market cycles. These cycles provide insights into what might happen with DOGE in 2025.
When drawing a Fibonacci extension from the previous bear market low to the previous bear market high, it becomes evident that Dogecoin has consistently rallied well beyond the 4.236 Fibonacci level. During its 2021 rally, it surpassed 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, as history has shown, Dogecoin has consistently exceeded this level. Given this context, it would not be unreasonable to expect a Dogecoin price of $10 in this cycle.
Of course, this would imply a multi-trillion-dollar market capitalization, which might be too ambitious. Nevertheless, Dogecoin could certainly increase by 10 times from its current levels, reaching a market cap in the hundreds of billions. This makes it a strong candidate for the best meme coin to buy now.
Meme Coin Alternative With Massive Potential – Meme Index (MEMEX)
For most investors, achieving 10 times gains is considered a best-case scenario. However, in the crypto world, many individuals are searching for the next project that will provide 100 times gains and make them wealthy.
One way to potentially achieve 100 times gains is by investing in a new meme coin before it takes off. One such coin that has caught the attention of analysts at cedifiloop.com is Meme Index (MEMEX).
Meme Index introduces the world’s first decentralized meme coin index, enabling investors to diversify their investments across various meme coins through community governance.
With the meme coin market cap reaching an astonishing $137 billion in 2024, analysts believe that there is a high demand for innovative investment vehicles like Meme Index.
Meme Index has already raised nearly half a million dollars in presale token sales for MEMEX. The project’s potential lies in its ability to offer different risk levels with indexes like Titan, Moonshot, Midcap, and Frenzy, catering to a broad investor base.
Additionally, MEMEX holders can stake tokens for high annual percentage yields (APYs), encouraging long-term holding and potentially increasing the token’s value.
It comes as no surprise that many experts have already expressed their support for MEMEX. Michael Wrubel and Austin Hilton, with a combined subscriber base of over 600,000, recently praised the project’s potential in their YouTube videos.
Meme Index has successfully passed major audits conducted by Coinsult and SOLIDProof, and it can be purchased with 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 of your capital.
