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Dogecoin Holds $0.35 Support: Will DOGE Hit $1 in 2025?

Arslan Butt•Thursday, December 19, 2024•2 min read

Dogecoin (DOGE) is holding at $0.35, the key support level after a 9% drop following the US Federal Reserve’s latest announcement.

While the 25bps rate cut was expected, the Fed’s pushback against 2025 rate cuts caused a broad sell off in risk assets including crypto.

The $0.33-$0.35 range has been the floor for Dogecoin since mid 2021. A break below this level could see a bigger drop, potentially back to the early 2024 highs of $0.23. But DOGE is supported by its 50DMA and strong investor sentiment after the Trump rally in November.

Despite short term risks Dogecoin’s long term outlook is good, 2025 is going to be a big year for the meme coin.

Why Dogecoin Could Reach $1 by 2025

Dogecoin’s path to $1 is dependent on two things:

1. Crypto Friendly Policies: Trump administration’s pro crypto stance and a new US Congress could be a golden era for crypto. Proposals to create US Bitcoin reserves and increase the strategic use of crypto globally is adding to the hype.

2. Elon Musk’s Influence: With the creation of the Department of Government Efficiency (D.O.G.E.) named after Dogecoin, Dogecoin is still in the spotlight. Musk, a long time Dogecoin supporter, is keeping it relevant in the broader crypto space so it remains a top dog in the meme coin space.

If these two things align Dogecoin can quickly take advantage of its first mover advantage and head towards $1.

Historical Cycles Signal Early 2025 Breakout

Dogecoin’s performance in past cycles gives us a clue on what to expect. In previous Bitcoin (BTC) bull runs—April 2017, December 2020, November 2024—Dogecoin lagged behind BTC’s price discovery phase but broke out to new highs in 1-3 months.

If history repeats Dogecoin could do the same, a breakout by early 2025 is likely. Dogecoin’s track record of catching up to Bitcoin’s momentum is a good reason to be optimistic about its price.

Key Points:

• Dogecoin is holding at $0.35, supported by its 50DMA.

• Crypto friendly US policies and Musk’s influence could be the catalyst.

• Historical cycles show Dogecoin will breakout by early 2025.

Dogecoin to $1 is getting more possible as macro and crypto friendly policies converge. Watch for short term dips as buying opportunities.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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