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- An analyst suggests DOGE correction may be over, signaling a potential bullish wave and market recovery in 2025.
- Technical analysis highlights a 45% correction with strong support levels, hinting at a new ATH for Dogecoin.
Alan Santana, a popular crypto analyst at TradingView, has given his thoughts on Dogecoin’s current market position. His analysis offers a thorough picture of the meme coin’s performance and possible course.
DOGE corrected 45% between December 8th and 20th; the decline found support below the 0.5 Fibonacci retracement level but above 0.618. These levels point to a historical precedent for the present trend since they match resistance from the October 2021 peak of DOGE.
Santana also noted that trading volume was much higher during the surge than during the decline, suggesting a possible burn-out of bearish momentum. Emphasizing, “It seems the correction is over,” he pointed to the prospect of a near-term bullish wave and market rebound.
Meanwhile, reflecting a 2.28% climb over the last 24 hours and a 6.83% gain over the last 7 days, DOGE is trading at about $0.3385 at the time of writing. The market cap of this meme coin approaches the $50 billion mark.
Growing Interest and Bold Predictions for Dogecoin
The recent interest in Dogecoin results from outside events as much as from changes in the market. According to a CNF report, government projects as well as Elon Musk’s curiosity have been piqued by Dogecoin. These advances have increased the practical uses for Dogecoin, therefore confirming its place in the crypto space.
Predicting another possible price explosion, analysts have compared the dramatic rise in 2021 with Dogecoin’s present trajectory.
Looking forward, as we previously highlighted, this year seems to be a noteworthy year for cryptocurrency. According to Galaxy Research, Dogecoin might hit the $1 level, a landmark that would confirm its rank among the main cryptocurrencies.
With Tether’s market leadership slipping below 50%, the company also projects a doubling of stablecoin supply to over $400 billion.
