Dogecoin targets $0.73: Can DOGE repeat its 2023 rally?

DOGE has been surprisingly strong since Q4, staying resilient amid a market-wide downturn.
But this isn’t just a short-term memecoin play. There’s a deeper story unfolding.

By the two-week mark in the year 2025, the market has shown a lot of turbulence. While Bitcoin [BTC] has been fluctuating, Dogecoin [DOGE] appears to be on an upward trend, consistently staying above $0.30.

As whale purchases increase, Relative Strength Index (RSI) decreases, and the Bitcoin-Dogecoin (BTC/DOGE) pair shows signs of improvement, financial experts are anticipating a possible reoccurrence of the fourth-quarter rally from 2023.

Could this be the moment DOGE finally breaks free from its slump?

All the way to a new ATH?

Since Q4, Dogecoin has demonstrated remarkable resilience compared to other major cryptocurrencies like Bitcoin. While these prominent coins faced difficulties post their initial confrontation with the Federal Reserve, Dogecoin maintained a steady position between approximately 30 cents and 40 cents for an entire week.

Over the last four days, Dogecoin (DOGE) has seen daily increases exceeding 2%. This upward trend has led to a surge in optimism within 87% of the community regarding Dogecoin’s future prospects.

However, it’s not only about profiting from meme-based cryptocurrencies like DOGE during market fluctuations. A more profound narrative lies beneath. In fact, the graph of DOGE seems to be repeating a pattern that was observed last year.

Reflecting on the recent market trends, it seems that we’ve experienced a similar pattern to what transpired back in October 2023 and December – a surge followed by a dip. Post this decline, there was a period of stagnation with a minor uptick in January 2024, and it appears we are revisiting that phase now.

But will the odds favor DOGE?

Currently, Dogecoin is gaining momentum across various indicators. Both futures and spot trades are experiencing an increase, causing the Open Interest (OI) to surge by 13.48%, currently maintaining a high of approximately $4 billion.

This is just shy of the $4.45 billion peak when DOGE surged to $0.48.

Key market heavyweights are taking advantage of market declines, preventing prices from plummeting excessively. It seems likely that $0.30 could serve as a support level for DOGE. Interestingly, the Relative Strength Index (RSI) currently stands at 51, which resembles last year’s breakout points.

However, it’s important to keep in mind the broader context. The relationship between Dogecoin (DOGE) and Bitcoin (BTC) is significant here. Towards the middle of February last year, Dogecoin started showing increasing highs, coinciding with Bitcoin approaching its all-time high ($73K) and market conditions becoming increasingly heated.

Read Dogecoin’s [DOGE] Price Prediction 2025-26

Maintaining DOGE at around $0.30 becomes crucial if it’s going to follow this pattern again. This level might act as a mental support, reinforcing investor trust during challenging times for altcoins and Bitcoin.

Over the coming days, we’ll uncover more details. The year 2025 might mark a period of diversification, and Dogecoin (DOGE) seems to be readying itself for such changes.

Given the advantageous circumstances for Dogecoin, both within its blockchain (on-chain) and beyond it (off-chain), there’s an escalating likelihood that we may witness a reoccurrence of the 2023 cycle. Yet, maintaining vigilance over these indicators is crucial to ensure our trajectory remains unaltered.

2025-01-14 22:15

All the way to a new ATH?

But will the odds favor DOGE?

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