Dogecoin price remains in a technical bear market today. It trades at $0.1617, down by 65% from its highest level in December. While concerns about DOGE being dead persist, chart patterns suggest an eventual rebound. However, technicals also warn that the token may struggle to hit $1 in 2025.
Dogecoin Price Analysis
DOGE price has retreated this year. This decline was triggered by profit-taking among holders and the falling Fear and Greed Index, which has moved into the fear zone of 25.
Fortunately, the Dogecoin price has bottomed at a key support level. It settled above the 200-week EMA.
DOGE has also fallen to the rising trendline. It is located along the lower side of the rising broadening wedge pattern, commonly known as a megaphone. The pattern often leads to a breakout.
If this happens, the most likely situation is that the Dogecoin price jumps and retests last year’s high of $0.4782. This target is approximately 195% above the current level.
This bullish DOGE price forecast assumes the best-case scenario for the coin. For that to happen, the crypto market needs to be soaring, and the fear gauge should be in the green. Additionally, Bitcoin needs to break out and surge to a new all-time high.
On the flip side, a drop below the lower side of the rising wedge point at $0.1210 will invalidate the bullish outlook.
Is DOGE Dead and Can it Hit $1 This Year?
Dogecoin needs to rise by 525% from the current level to hit the psychological point at $1. This is possible since it has jumped by a higher magnitude in the past. However, it is unlikely that it will hit that level this year.
Some potential catalysts for the DOGE surge are the potential approval of a spot DOGE ETF, the cryptocurrency surge, and incorporation in X Payments by Elon Musk.
So, is DOGE dead? History shows that the coin is not dead. Additionally, it remains the largest meme coin in the cryptocurrency industry, boasting a market capitalization of over $24 billion. This makes it bigger than many popular companies like Capgemini, Trade Desk, Iron Mountain, and Carnival.
What Dogecoin is going through is a normal pullback as it has done in the past few years. For example, it dropped by over 65% from its highest level in April to the lowest level in August last year and then bounced back.
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