Original title: How high can the Dogecoin price go?
Original author: Biraajmaan Tamuly
Original source: https://cointelegraph.com/
Translated by: Daisy, Mars Finance
One analyst predicts that the price of Dogecoin (DOGE) could surpass $30 by January 19, 2025, based on historical performance.
This week, Dogecoin rose another 27%, reaching a yearly high of $0.48 on November 23.
The “meme coin” has seen a 236% monthly gain and is the third-largest crypto asset in 24-hour trading volume with $19.5 billion.
Top 5 crypto 30-day returns chart. Source: CoingGecko
Due to market speculation that the stock will retest its historical high of $0.73 in the coming days, several analysts have hinted that the target for 2025 will be higher.
Dogecoin rising to $1 is 'inevitable'
Dogecoin shows strong breakout on the 4-hour chart, with prices surpassing the recent high of $0.43, and the relative strength index (RSI) and 50-day exponential moving average (EMA) provide support for its rise.
Dogecoin 4-hour chart. Source: TradingView
After confirming the breakout, independent analyst Javon Marks stated, 'Another round of a 52.2% increase may be imminent.'
Max points out that Dogecoin's recent target range is currently between $0.65 and $1.25.
Similarly, chart analyst 'Trader Tardigrade' stated on X platform (formerly Twitter) that Dogecoin's $1 target is 'inevitable.' The analyst observed the formation of a 'high compact flag' pattern and commented:
A high compact flag pattern is a rare but extremely bullish signal, indicating that a significant price increase may occur.
Dogecoin reaches $3: Guidance from Fibonacci targets
Although the $1 target is expected to be achieved in the coming days, breaking through $0.73 may open the door to higher targets by the first quarter of 2025. From the monthly chart, Dogecoin shows a repeatable target trend based on Fibonacci lines.
Since 2014, the tops and bottoms of each bull market cycle have been accurately predicted for the next cycle's top using Fibonacci extensions of 1.50 and 1.618.
Dogecoin 1-month chart. Source: TradingView
Compared to 2018, the 2021 target exceeds the predicted value by 732%. If it hits a new historical high again, the target range for 2024, calculated based on Fibonacci extensions, is between $2.90 and $3.60.
Previously, Cointelegraph reported high price targets for Dogecoin based on Gaussian principles, predicting a range between $3 and $5, based on the law of diminishing returns.
Similar target ranges derived from multiple analyses further reinforce the possibility of Dogecoin reaching at least $3, which means an increase of 566% from the current price.
Can Dogecoin's price reach $30?
Most price predictions for Dogecoin in 2025 are based on its historical performance. Likewise, independent crypto trader Dima James Potts predicts that Dogecoin's target price will far exceed $10.
James Potts notes that Dogecoin's cycle peaks occur approximately every 1446 days, and each cycle surpasses the previous high.
Dima James Pott's long-term analysis of Dogecoin. Source: Twitter/X
He expects similar results in 2025 and stated:
The peak may occur around January 19, 2025. I believe this cycle will bring the largest increase in Dogecoin's history, as the percentage increase has been rising in each previous cycle.
The chart shows Dogecoin's target price at $36, which is 80 times the current price. In terms of market capitalization, this would be approximately $5.3 trillion. The total market capitalization of the entire cryptocurrency market is currently $3.5 trillion. Therefore, it is reasonable to speculate that the likelihood of Dogecoin reaching over $30 by January 19, 2025, is low.
