Dogecoin (DOGE) has increased by 27% this week, reaching a year-high of $0.48 on November 23.
The monthly interest rate of the memecoin reached 236%, and it remains the third most traded cryptocurrency based on 24-hour trading volume with $19.5 billion.
Top 30-day profit chart of cryptocurrencies. Source: CoinGecko
With the market predicting a test of a new all-time high (ATH) at $0.73 in the coming days, many analysts suggest higher targets in 2025.
Dogecoin reaching $1 is 'inevitable'
Dogecoin has shown a strong breakout above the recent high of $0.43 on the 4-hour chart, with the relative strength index (RSI) and 50-day EMA acting as support in this higher sideways consolidation.
4-hour chart of Dogecoin. Source: TradingView
With a confirmed move above previous highs, Javon Marks, an independent analyst, mentions that an additional 52.2% increase 'could be on the way.'
Marks emphasizes that the current target range for Dogecoin is from $0.65 to $1.25.
Similarly, Trader Tardigrade, a sample analyst, stated in a post on X that the $1 target is 'inevitable' for the memecoin. The trader notices the formation of a high-tight flag pattern and comments,
The High Tight Flag pattern stands out as a rare signal, BUT extremely bullish indicating a high likelihood of a significant price movement upward.
Dogecoin at $3 aligns with the Fibonacci target
While the $1 target is expected in the coming days, a move above $0.73 opens up the possibility of a higher target in Q1 2025. On the monthly chart, Dogecoin has followed a target trend that could repeat based on Fibonacci lines.
Since 2014, the peaks and troughs of the bull market cycle have accurately predicted the next cycle peak based on Fibonacci extensions of 1.50 and 1.618.
1-month chart of Dogecoin. Source: TradingView
The projected target has exceeded 732% in 2021 compared to 2018. With a new peak possibly in sight, the projected target for 2024 based on FIB extensions ranges from $2.90 to $3.60.
Earlier, TinTucBitcoin also reported a high price target for Dogecoin based on the Gaussian principle, outlining a range from $3 to $5 after incorporating the law of diminishing returns.
A similar target range is set by a series of different analyses reinforcing the possibility of DOGE reaching at least $3, which is another growth of 566% from the current price.
Could DOGE price reach $30?
Most price targets for Dogecoin in 2025 are based on its historical performance. Similarly, Dima James Potts, an independent cryptocurrency trader, outlined a very high target for DOGE exceeding $10.
James Potts outlines a repeating pattern for Dogecoin, where the cycle peak occurred after approximately 1,446 days.
Long-term analysis of Dogecoin by Dima James Potts. Source: Twitter/X
Each cycle has surpassed the previous peak, as mentioned above. Therefore, Potts expects a similar outcome in 2025. The trader reiterates,
'The peak could happen around January 19, 2025. I believe this cycle will bring some of the biggest profits for DOGECOIN, as each percentage of profit from the previous cycle has increased.'
The chart above has marked $36 as the price target for Dogecoin, an additional 80 times from the current price. In terms of market capitalization, this figure would be approximately ~5.3 trillion USD. For comparison, the current total cryptocurrency market is 3.5 trillion USD. Therefore, it may be safe to assume that a price target of 30+ USD for Dogecoin by January 19, 2025, is not feasible.
Follow me @TinTucBitcoin #tintucbitcoin #Write2Win #btc #binance #binance
