As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed numerous bull runs and bear markets, bubbles, and crashes. However, none have left me as bewildered as the meteoric rise of Dogecoin (DOGE). While it’s tempting to dismiss it as a mere meme coin, its recent performance is hard to ignore.
Dogecoin (DOGE) has rallied another 27% this week, reaching a new yearly high of $0.48 on Nov. 23.
This memecoin has seen an incredible increase of 236% over the past month, and it continues to rank as the third most actively traded cryptocurrency in terms of 24-hour trading volume, with a staggering $19.5 billion.
Over the coming days, there’s talk that the market might reach another record high around $0.73, and several analysts are suggesting even higher price predictions for 2025.
Dogecoin to $1 is “inevitable”
Dogecoin has shown a powerful surge past its previous peak of $0.43 on the 4-hour graph, and the Relative Strength Index (RSI) and the 50-day Moving Average have been assisting it during its sideways movement at higher levels, which indicates consolidation.
According to Javon Marks, an independent analyst, there could be potential for a further increase of approximately 52.2%, given the recent surge surpassing previous highs.
Marks highlighted that the immediate target range for Dogecoin is currently between $0.65 and $1.25.
In a similar vein, Trader Tardigrade, a pattern expert, remarked in a recent post that reaching a $1 target for the memecoin seems unavoidable. He noted the appearance of a tight high-flag pattern and offered his opinion on it.
‘High Tight Flag Pattern’ stands out as a rare, BUT Extremely Bullish signal that indicates a highly possible significant upward price movement.”
Dogecoin at $3 coincides with Fibonacci targets
If we anticipate hitting $1 within the upcoming days, surpassing $0.73 could potentially lead to an increased goal by Q1 2025. On a monthly scale, Dogecoin appears to adhere to a recurring target pattern that aligns with Fibonacci ratios.
From 2014, the high points (tops) and low points (bottoms) of every subsequent bull market have been remarkably consistent with the predicted tops using the 1.50 and 1.618 Fibonacci extensions as a guide.
In the year 2021, we surpassed our predicted goal by an impressive 732% compared to 2018. With a new record potentially within reach, our projected goal for 2024 (based on FIB extensions) is estimated to fall somewhere between $2.90 and $3.60.
Previously, our analysis at CryptoMoon proposed an optimistic Dogecoin price prediction using the Gaussian method, taking into account the principle of decreasing profits, which suggested a potential value between roughly $3 to $5.
Establishing a comparable price range through multiple evaluations increases the likelihood that Dogecoin could potentially reach around $3, representing approximately a 566% surge from its current value.
Can DOGE price go as high as $30?
Many projected prices for Dogecoin by 2025 are derived from its past performance. Likewise, Dima James Potts, a freelance crypto trader, has proposed a significantly high price point for DOGE exceeding $10.
In simpler terms, James Potts noted that there’s a regular pattern with Dogecoin, and it seems that the high points of the cycle tend to happen around the 1446-day mark.
In each cycle, performance surpassed the previous peak, as previously stated. Therefore, Potts anticipates a comparable result in 2025 too. The trader also suggested this possibility.
“The top could occur around January 19th, 2025. I believe this cycle will bring some of DOGECOIN‘s biggest gains yet, as each previous cycle’s percentage gains have increased.”
The diagram shows that the projected price of Dogecoin is approximately $36, which represents an increase of about 80 times its current value. This would equate to a market cap of around $5.3 trillion. Given that the entire crypto market currently stands at $3.5 trillion, it seems highly improbable that Dogecoin’s price will reach $30 or more by January 19, 2025.
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2024-11-23 13:14