Dogecoin has had a tumultuous year in 2024, as the token reached significant highs followed by some disappointing lows. However, things began to change significantly when Elon Musk announced the launch of the DOGE department, which internet sleuths hailed as an organization inspired by Dogecoin itself. As Dogecoin continues to rely on this novel price surge, will it continue to reach higher price levels? One analyst asserts that it will.

Will Dogecoin Increase by 570%?

Dogecoin is currently one of the most trending cryptocurrencies in this space. This cryptocurrency has had a remarkable year in 2024 with new developments taking it to new heights. The recent change in political regime in the United States has significantly contributed to Dogecoin's recent surge, especially as Musk and Ramaswamy's Government Efficiency Department, or DOGE, was announced as the new department monitoring government spending and costs.

Such profitable developments play a crucial role in driving the token's momentum. However, a cryptocurrency analyst has predicted a strong price surge for Dogecoin in the near future. According to Javon Marks, Doge is still hoping for a very high price surge that could soon become a reality.

Marks used X to share a new tweet, mentioning Doge's Fibonacci extension statistics. He shared that if the price of Doge spikes above the Fibonacci extension level of 1.68 as it did in one of the previous Doge price cycles, the token could surge freely, reaching a peak of $2.28 in the process.

This signals that Dogecoin has increased nearly 570% in the process, creating a new price surge.

"Update $DOGE (Dogecoin): History remains unchanged and still indicates a fairly high probability that the price will rise TO AND ABOVE the Fib extension of 1.618 as has happened in every previous cycle and this time. That would lead to an increase of over 570% from here to $2.28 or more!"

Future Price Analysis of the Token

Besides Marks, technical price indicators like CoinCodex have a different price story to tell. According to CC, Doge may show a slow and steady pace at a price of $0.33 by December 31.

By mid-January, the price may decrease further and stop at a low of $0.32.

"According to our current Dogecoin price prediction, the price of Dogecoin is expected to decrease by -7.27% and reach $0.315665 by January 24, 2025. According to our technical indicators, the current sentiment is neutral while the Fear & Greed Index is showing 73 (Greed). Dogecoin recorded 15/30 (50%) green days with a price volatility of 10.16% over the past 30 days. Based on the Dogecoin forecast, now is a good time to buy Dogecoin."

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