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Crypto Analyst
Michael Davis
Crypto Analyst
Michael Davis
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The Dogecoin (DOGE) price has rallied back to $0.33 after falling as low as the $0.26s last week, and is forming a triangle pattern that could soon be the catalyst for a bullish breakout.
That means that a short-term pump for the Dogecoin price back to it recent highs in the $0.48 could be on the cards in the coming days.
Of course, the 21 and 50DMAs in the $0.37-38 area could offer stiff resistance, given they also coincide with some recent lows.
But good vibes are likely to continue into the year’s end. Why?
Well, major cryptos are tentatively recovering from a Fed-induced sell-off last week on their more hawkish than expected interest rate projections.
But most major cryptos remain well below their pre-hawkish Fed meeting levels, suggesting the scope for further recovery is there.
And there are a lot of tailwinds to support the crypto market right now. That’s because we are on the cusp of entering a new golden age for crypto markets in the US, but also globally.
The incoming Trump administration and Congress are likely to spur a significant acceleration in the adoption of Bitcoin and other major cryptocurrencies, not least admin hopes that they establish a US strategic Bitcoin reserve.
The grounds are thus fertile for the emergence of a new meme coin/alt-coin season, of which we have already seen flashes of since Trump’s emphatic election victory.
Dogecoin, the oldest and still biggest meme coin, would surely lead any future meme season.
That’s even more the case given that Elon Musk’s new Department of Government Efficiency (D.O.G.E) is set to be established under the Trump administration.
Musk’s new department aims to slash government fraud and waste, and will be hugely controversial and nearly constantly in the news.
That all but guarantees that Dogecoin retains a leading portion of meme coin market “mind share”, guaranteeing continued market leadership.
How High Will the Dogecoin (DOGE) Price Rally This Cycle?
A recovery back to recent highs in the Dogecoin market is thus very likely in early 2025 as Trump returns to the White House.
Bulls will be hoping for an eventual rally back to the 2021 record highs above $0.70, as well as a potential surge to $1.0 for the first time.
However, might this be the end of the road for Dogecoin? Well, analysis of past Dogecoin cycles suggest the bulls need to be aiming bigger and higher, with this rally likely to far exceed where many expect.
Dogecoin has been through three market cycles since its inception in 2014, and these cycles can offer clues about what could be in store for DOGE in 2025.
When drawing a Fibonacci extension upwards from the prior bear market low to the prior bear market high, it can be seen that Dogecoin has always rallied well beyond the 4.236 Fibonacci level, exceeding this Fibonacci extension by over 10x during its 2021 rally.
The 4.236 Fibonacci extension level from the 2022 bear market lows back to the 2021 highs suggests that Dogecoin should at least hit $3 per token this cycle.
But as history has shown, Dogecoin has routinely blown well past this level. Given that context, it wouldn’t be unreasonable to expect a $10 Dogecoin price this cycle.
Of course, that would imply a multi-trillion-dollar market cap, which might be a bit much to ask.
But Dogecoin could definitely 10x from current levels to reach a market cap in the $100s of billions, making it a strong candidate for best meme coin to buy now.
Meme Coin Alternative With Massive Potential – Meme Index (MEMEX)
For most investors, securing 10x gains is a best-case scenario. But in crypto, many degens are on the hunt for the next 100x project that will make them rich.
One of the best ways to bag 100x gains is by getting into a new meme coin before it really takes off.
One new meme coin that has caught the eyes of analysts at cryptonews.com is Meme Index (MEMEX).
Meme Index introduces the world’s first decentralized meme coin index, allowing investors to diversify across various meme coins through community governance.
With the meme coin market cap reaching a whopping $137 billion in 2024, analysts suspect that demand for an innovative investment vehicle such as this could be very high.
That’s certainly the case with Meme Index, which has already raised close to half a million dollars in MEMEX presale token sales.
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.
Moreover, MEMEX holders can stake tokens for high APYs, encouraging long-term holding and potentially increasing token value.
It should come as no surprise that flocks of experts have already come out to throw their support behind MEMEX.
Michael Wrubel and Austin Hilton both recently hailed the project’s potential in YouTube videos to their more than 600,000 combined subscribers.
Meme Index has already passed major audits from the likes of Coinsult and SOLIDProof and can be purchased with ETH, USDT or bank card.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
