Analysts predict that Dogecoin price could surge to $3.15 in 17 days. Will Dogecoin break the $0.36 resistance on December 2 and rally to new highs?
Highlights
Market observers predict that by December 2, the price of Dogecoin could rise to $1.54 or $3.15.
DOGE price is currently facing resistance around $0.36 as investors rush to book profits.
A variety of macroeconomic factors could make DOGE a key investment strategy for Canadian firm Spirit Blockchain Capital.
The Dogecoin price has fallen 9.3% in the past 24 hours, failing to break through the key resistance level of approximately $0.36. Despite the increasing selling pressure at this resistance level, popular analysts predict that the Dogecoin price will surge to $3.15 in the next 17 days due to the repetition of historical patterns. Will the Dogecoin price surge to over $3 by December 2?
If history repeats itself, Dogecoin could hit $3
Well-known cryptocurrency analyst Master Kenobi predicts that the price of Dogecoin could reach $3.15 in the next 17 days. Historically, Dogecoin price growth during bull markets has been divided into two phases. In the 2017 cycle, growth lasted 91 days and 217 days, while in 2021, both phases lasted 91 days.
Based on these timelines, Kenobi predicts that if the 2017 bull cycle is followed (scenario 1), the price of Dogecoin could reach $1.54 by December 2 and $6.88 by July 7, 2025. If the 2021 bull cycle is followed (scenario 2), the price of Dogecoin could reach $3.15 by December 2 and $26.3 by March 3, 2025.
DOGE/USDT Price Chart
Such a bullish move would push Bitcoin prices up 327% to $1.54, or 775% to $3.15. Kenobi said $3.15 is optimistic, but $1.54 by Dec. 2, 2024 is more realistic.
Can DOGE Price Reach $3? Key Levels to Watch
Dogecoin price prediction shows a strong uptrend as evidenced by the recent sharp rise in price within an ascending channel. This breakout indicates medium-term bullish momentum.
The recent price increase has been accompanied by high trading volumes, supporting the validity of the uptrend and suggesting strong market interest. An immediate breakout from the ascending channel suggests a possible parabolic price action.
Dogecoin price analysis chart
The main resistance level is at $0.7399, where the price faced a major rejection in early 2021. On the other hand, key supports include $0.22, which coincides with the previous consolidation area, and the lower boundary of the ascending channel, which is near $0.12.
Is DOGE reaching $3.15 in 17 days a reality or just hype?
Historical chart patterns during the bull runs of 2017 and 2021 suggest a different outcome. However, the outcome will depend on different factors during this bull run.
Following the swift approval of the Ethereum ETF in June, a Dogecoin ETF may also be approved.
The pro-cryptocurrency U.S. government is considering establishing a strategic Bitcoin reserve and adopting pro-cryptocurrency regulations.
Cryptocurrency and Dogecoin adoption continues to grow. For example, Canadian firm Spirit Blockchain Capital announced that it will use MicroStrategy’s investment strategy — but with Dogecoin (DOGE)
The upcoming bull run and alt season in 2025 could cause the DOGE price to surge to new highs quickly.
These and other macroeconomic factors could contribute to one of the best bull runs in history and could push the price of Dogecoin to $1.54 or even $3.15 by mid-December.
