Dogecoin (DOGE) Could Rally to $0.5 by Early 2025, Analysts Say

Dogecoin (DOGE), the eighth largest cryptocurrency by market capitalization, has experienced price fluctuations of late. DOGE's recorded price volatility became pronounced as it crashed from a high of $0.1677 to $0.1569 within 24 hours.

Cryptocurrency markets have experienced significant volatility in recent times, and Dogecoin (DOGE) has been no exception. After crashing from a high of $0.1677 to $0.1569 within 24 hours, many investors are speculating about the possibility of a rebound to $0.5.

According to data from CoinMarketCap, DOGE's recent metrics do not paint a promising picture. Market volume has dropped by 17.86%, reaching $2 billion at the time of writing. The meme coin has also recorded a slight decline of 1.12%, trading at $0.1599, which has brought its market capitalization down to $23.45 billion.

However, despite these negative indicators, DOGE has shown some resilience in the past week, notching up a 19% increase, which reflects positive buying pressure. As per market trend observers, if Dogecoin enthusiasts ramp up their activities, the meme coin could inch closer to the $0.5 level.

Historically, Dogecoin has been known to experience breakouts that have led to massive gains, surprising the broader cryptocurrency industry. During its 2021 bull run, DOGE recorded a 300x surge, and a similar uptick occurred in 2018 when the meme coin registered a 92x increase.

An analysis of Dogecoin charts suggests a potential repeat of these previous bull runs, as the patterns appear to be aligning once again. While $0.5 is still a significant distance from the current market price, analysts believe that the chart patterns indicate that DOGE could surpass the targeted level, which might occur between the end of 2024 and early 2025.

Several factors are contributing to these predictions, including Dogecoin's nearing golden cross, which indicates that its short-term moving average, the daily SMA 50, is poised to cross above the long-term SMA 200.

Dogecoin last experienced a golden cross in November 2023, and it also encountered the phenomenon in November 2022, making two consecutive years of a golden cross occurring in November. Dogecoin enthusiasts are now speculating that this pattern will continue a third time, which could help propel DOGE past the $0.05 mark.