The Dogecoin price has been on a major bullish trend lately, achieving new highs driven by political events and market sentiment. As the top meme coin navigates the volatile market, a crypto analyst projects that DOGE could be gearing up for a monster rally in the first quarter (Q1) of 2025. The analyst has set a new ATH target for Dogecoin, expecting it to surge past the $1 mark. 

Dogecoin Price Rally To New ATH Incoming

On January 22, TradingShot, a crypto analyst on TardingView, declared that Dogecoin is preparing to reach a new ATH of $1.6 in Q1 2025. The analyst shared a chart examining the meme coin price action daily and highlighting key technical indicators and patterns supporting his bullish forecast.

According to the TradingView expert, the 1-Day 50 Moving Average (MA) is an important blue trend line currently acting as a support level for Dogecoin. He disclosed that the meme coin had previously attempted to break above this trend line; however, a recent pullback had pushed its price back to this support zone. 

The analyst noted that during Dogecoin’s past price action, between September and November 2024, it broke above the MA50, successfully retesting this critical support level and triggering a major price rally. This significant bullish trend lasted about two months, pushing DOGE to the 3.0 Fibonacci extension level after it hit a price bottom on August 5, 2024. Based on this pattern, the market expert suggests that for a similar rally to occur in 2025, buyers must reclaim the 1-D MA50 as a support level.

The TradingView analyst’s chart compares Dogecoin’s current price action with its historical fractals in 2024. In both years, the meme coin experienced a period of correction followed by a bottom, as seen in the red triangle in the chart. 

After bottoming out, DOGE traded within a Descending Channel, which acted as a precursor to a breakout, ultimately sparking a major bullish rally. On both occasions, as indicated on the chart, Dogecoin’s 1-Day Relative Strength Index (RSI) sequence followed a similar downtrend before breaking out and paving the way for the price rally. 

Adding to the bullish narrative, Dogecoin experienced a Golden Cross on the daily chart earlier in this cycle. Here, the 50-day MV crossed above the 200-day MA, which is historically viewed as a bullish signal. 

If Dogecoin’s 1D MA 50 and price action follow the same path as historical records, it could replicate 2024’s bull rally, pushing it to the projected 3.0 Fibonacci extension target, corresponding with the $1.6 price level. 

DOGE Bull Flag Suggests Higher Price Target

While other analysts project a surge to $1 for the Dogecoin price, Trader Tardigrade forecasted on X (formerly Twitter) that the popular meme coin is preparing for a higher rise to $2. The analyst has identified the emergence of a bull flag pattern on the DOGE 2-day price chart.

He reveals that this bull flag pattern measures a $2 target for Dogecoin, marking a potential 471% increase from its current market price. As of writing, DOGE is trading at $0.35, reflecting a slight 3.1% decline in the past 24 hours, according to CoinMarketCap.

Featured image from Unsplash, chart from Tradingview.com