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

Dogecoin Price Recovers Amidst Market Recovery

The Dogecoin (DOGE) price rebounded to $0.40 on December 11th, reversing a previous dip to $0.36. This recovery coincided with broader market gains, as Bitcoin (BTC) and other altcoins attempted to regain lost ground.

Crypto analysts remain bullish on Dogecoin, citing its strong uptrend and potential for further gains. Scofield, a crypto analyst with a large following, believes it's an opportune time to buy before a potential rally.

Another analyst, Ali Martinez, predicts a potential rise to $3 or even $18 during this bullish cycle. However, this would depend on favorable market conditions.

Factors Driving Dogecoin's Price

Bitcoin's rebound is a key factor influencing Dogecoin's price. A move above its all-time high could trigger a strong breakout for DOGE.

Additionally, the anticipated crypto-friendly stance of the incoming Donald Trump administration and the potential approval of a spot DOGE ETF could boost demand for the token in the long term.

Technical Analysis

The weekly chart shows that Dogecoin has maintained an uptrend for several weeks, despite the recent pullback. It remains above crucial support levels, including the 50-week and 200-week moving averages.

To reach $1, Dogecoin must overcome the key resistance point at $0.4843, followed by $0.7500, its previous all-time high.