Here’s why Dogecoin price will rebound, according to experts

Dogecoin price rebounded on December 11 as the recent crypto sell-off eased and traders bought the dip.

Dogecoin (DOGE), the largest meme coin in the crypto industry, recovered to $0.40 after falling to $0.36 the day before.

This recovery occurred as Bitcoin (BTC) and most altcoins attempted to regain strength. Bitcoin rose to $98,500 after falling as low as $94,200 at the beginning of the week. Similarly, altcoins such as Ethereum and Solana also recorded slight improvements.

Cryptocurrency analysts remain optimistic about Dogecoin, noting that Dogecoin is still in a strong bull run. Scofield, a popular crypto analyst with over 80,000 followers, stated in an X post that this is the last opportunity to buy the coin before a significant rise. He noted that it stands at an important support level on the four-hour chart.

Meanwhile, another prominent analyst, Ali Martinez, predicted that Dogecoin price could eventually rise to $3 during this bullish cycle. He predicted a potential rise to $18 if market conditions become highly positive, representing a 4,400% upside.

Dogecoin has a history of dramatic price movements. For example, it rose over 27,300% between its low point between January and May 2021.

A major catalyst for Dogecoin’s price could be Bitcoin’s recovery and breakout above its all-time high. If Bitcoin achieves this, it is likely to trigger a strong uptrend for DOGE.

Another potential driver is the incoming Donald Trump administration, which is expected to adopt a crypto-friendly stance. In the long term, the approval of the spot DOGE ETF could also lead to increased demand for the token.

Dogecoin price needs to convert $0.4843 DOGE price chart | source: crypto.news

The weekly chart shows that DOGE has been in a strong uptrend for the past few weeks, rising for eight consecutive weeks. This explains this week’s temporary respite as assets often pull back after prolonged gains.

Dogecoin price remains above the 50-week and 200-week moving averages and the 50% Fibonacci Retracement level. He also moved on to the final stand of Murrey Math Lines.

Therefore, for DOGE to rise and reach $1, the bulls will need to push it above the key resistance at $0.4843, the year-to-date high. If this happens, the next vital price to watch on the path to $1 will be the all-time high of $0.7500.