Dogecoin, the original meme coin, tops losses in the top 10. Besides Ethereum, which is down 2.2% over the last week, DOGE is down 2.6% and could drift further down the crypto ranking leaderboard.
Yesterday (27 January 2025 ) as equities plunged, Dogecoin fell to as low as $0.30, the lowest level since late 2024. Although prices recovered during the New York session, the meme coin is still fragile.
Despite losses, analysts and meme coin enthusiasts are optimistic about what lies ahead. Some are looking at Elon Musk and closely tracking what the billionaire posts on X. Others cite historical performance, projecting a sharp recovery above Q4 2024 highs in the coming sessions.
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Dogecoin Weak: Will It Continue?
At spot rates, DOGE is stable, trading at $0.33, adding 6.5% over the last trading day.
Even though it remains one of the most valuable crypto coins, technical candlestick arrangements point to weakness.
DOGE is still trapped inside a bull flag, with support between the $0.25 and $0.30 zone, clear in the daily chart.
On the upside, buyers need to clear $0.40 and $0.50 resistance for the uptrend set in motion in late Q4 2024 to continue.
Overall, DOGE technical candlestick arrangements favor bulls. Since sellers have been kept away above $0.25, buyers have a chance. However, this means bulls must drive prices ideally above $0.40 in the sessions ahead.
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DOGE Is A Buy
While there is weakness, analysts on X think the DOGE rally is far from over.
One of them said the meme coin can easily 80X to over $8 by the end of the current bull run.
Dogecoin eyes 3,000% spike if this historical pattern plays out!
Minimum $8 $DOGE – Engage If You Believe 🐕🚀🌕 pic.twitter.com/coHzzf2Lt4
— Dogecoin Rise 🌎🚀🌕 (@DogecoinRise) January 25, 2025
To support this forecast, he points to past performances. Between 2015 and 2018, the analyst observes, DOGE gained over 32X, climbing to $0.01838.
Later, in the 2018 to 2021 surge, the coin added another 80X, pushing it to all-time highs of $0.72.
Even with losses, the analyst thinks DOGE bulls have kept prices above crucial support levels likely to break out.
Meanwhile, another analyst projects DOGE to go parabolic just like it did in the 2021 bull cycle.
During the 2021 bull cycle, #Dogecoin $DOGE skyrocketed by over 10,000% in just 98 days. pic.twitter.com/ReOkOXEwPl
— Ali (@ali_charts) January 25, 2025
Then, he said, Dogecoin soared 100X in slightly over three months.
For this reason, and considering shifting regulations favoring crypto, the analyst expects DOGE to post a similar outcome within the next few weeks.
Will Elon Musk Trigger Demand?
In the short term, any Dogecoin-related post from Elon Musk, a vocal supporter of DOGE, could move prices.
Apart from appearing on the SNL show as the “DogeFather” in 2021, he has been regularly posting on X, endorsing the meme coin.
However, in recent months, especially after the lawsuit where he was accused of manipulating Dogecoin prices, the SpaceX CEO has been uncharacteristically quiet.
As such, the community has been speculating about when, or if, he will “intervene”, pumping DOGE prices above $0.50.
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