Here’s why Dogecoin price will rebound, according to experts

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As a seasoned cryptocurrency researcher with over a decade of experience in the field, I have witnessed the rollercoaster ride that is Dogecoin (DOGE). Having closely followed its trajectory since its inception, I must admit that it has never failed to surprise me. The latest recovery of DOGE, despite the recent crypto sell-off, is a testament to its resilience and the faith its community has in this meme coin.

On December 11th, the cost of Dogecoin gradually increased again due to a relaxation in the current cryptocurrency market downturn and investors taking advantage of lower prices by purchasing more.

After dropping to $0.36 yesterday, Dogecoin (DOGE), the leading meme coin within the cryptocurrency market, has made a comeback, reaching approximately $0.40 today.

The bounce-back happened when Bitcoin (BTC) and many other alternative coins made an effort to reclaim their positions. Bitcoin soared up to $98,500 following a dip to $94,200 earlier in the week. Similarly, digital currencies like Ethereum and Solana also experienced modest gains.

Enthusiastic predictions about Dogecoin are persisting among cryptocurrency analysts, as they observe its ongoing bullish trend. In a recent post on platform X, well-known crypto analyst Scofield – boasting over 80,000 followers – expressed optimism, suggesting this could be the final chance to acquire the coin before a considerable price surge. He emphasized that it currently rests at a crucial support level on the four-hour chart.

In the meantime, Ali Martinez, another well-known expert, estimates that Dogecoin’s price might reach $3 in this bullish phase. Under extremely advantageous market conditions, he anticipates an impressive jump to $18, which would translate to a significant increase of around 4,400%.

Historically, Dogecoin exhibits significant fluctuations in value. To give you an example, its price skyrocketed more than 27,300% from its all-time low in January to May of 2021.

Let me share with you the current stage of the Dogecoin ($DOGE) bull market! It appears to be quite early on in this cycle.

— Ali (@ali_charts) December 9, 2024

One potential factor driving up Dogecoin’s value might be a recovery in Bitcoin’s price and surpassing its previous record high. If Bitcoin manages to reach this level, it could spark a robust bullish surge for Dogecoin as well.

One possible factor could be the upcoming Donald Trump administration, expected to take a favorable view towards cryptocurrencies. Over time, if a spot Dogecoin (DOGE) Exchange Traded Fund (ETF) is approved, it may boost interest in the digital token.

Dogecoin price needs to flip $0.4843

Over the last few weeks, Dogecoin (DOGE) has experienced an impressive upward momentum, increasing for eight straight weeks. As a result, it’s not surprising that we’ve seen a brief pause or dip in DOGE this week, as such a trend typically leads to assets taking a short break following substantial gains.

The current Dogecoin price is holding steady above its 50-week and 2-year moving averages, as well as the halfway mark of the Fibonacci Retracement. Furthermore, it has reached a key level of resistance according to Murray Math Line analysis.

Consequently, if DOGE is to surge towards $1, it’s essential for bulls to drive it past the significant barrier at approximately $0.4843, which currently stands as its year-to-date peak. Once this hurdle is cleared, the next crucial price level on its journey to $1 will be around $0.7500, its all-time high.

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2024-12-11 16:48