Dogecoin Has Dropped 16% Over A Month, But This Trader Is Confident The Meme King Will Hit $1 In 2025

Ignoring recent downsides, a popular cryptocurrency trader on Thursday reiterated their bullish forecast for Dogecoin DOGE/USD this year.

What Happened: Trader Tardigrade, noted for recognizing patterns and forecasting price movements, expressed confidence that the dog-themed cryptocurrency will reach the $1 milestone sooner or later.

“Retracement often occurs before a massive spike,” the trader stated, urging their followers not to read too much into the ongoing correction.

Dogecoin hit a yearly peak of $0.46 in Dec. 2024 but has since dropped nearly 30%. Over the last month, the coin was down 16%.

#Dogecoin is on its way to the $1 benchmark 🔥
Retracement often occurs before a massive spike 🚀#DOGE 🔥 $DOGE pic.twitter.com/Ckugdeusm2
— Trader Tardigrade (@TATrader_Alan) January 9, 2025

In a separate analysis, Trader Tardigrade set price targets of $2 for the 2025 cycle and $8 for 2028, advising long-term holding of DOGE for substantial gains.

That said, Trader Tardigrade was not alone in the bullish optimism. Another widely followed analyst, Javon Marks expected DOGE to continue a “massive” bull cycle.

“All Time Highs in another near +120% move can be coming in any moment now and even then, could have much, much more to go…,” Marks made a bold prediction.

Just checked and $DOGE (Dogecoin) still looks well positioned to continue in yet another massive bull cycle showcase ⚡️!

All Time Highs in another near +120% move can be coming in any moment now and even then, could have much, much more to go… https://t.co/QjzgO8ghnn pic.twitter.com/X8hPKbBPBS
— JAVON⚡️MARKS (@JavonTM1) January 9, 2025

Why It Matters: These bullish outlooks stood in stark contrast to some other analyses that foresaw a potential dip in Dogecoin’s value.

Renowned Dogecoin analyst Kevin expressed a bearish sentiment on Dogecoin, stating, "If BTC doesn't bounce, then this probably has lower to go before finding a bottom."

Derivatives traders were positioned long for Dogecoin. Over 82% of traders on Binance expected the leading meme coin to rebound in the days ahead, according to the Long/Short Ratio.

Morever, popular blockchain analytics firm IntoTheBlock gave a “Mostly Bullish” signal for the cryptocurrency at the time of writing, as opposed to “Mostly Bearish” for Ethereum ETH/USD and Cardano ADA/USD.

Price Action: At the time of writing, Dogecoin was exchanging hands at $0.3264, down 3.87% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin was up 0.55%, compared to nearly 273% in gains in 2024.

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