【How High Can Dogecoin Price Go?】
Dogecoin rose 27% this week, reaching an annual high of $0.48 on November 23. The cumulative increase for this month has reached 236%, with a 24-hour trading volume of $19.5 billion, making it the third largest traded cryptocurrency asset. The market expects Dogecoin to challenge its historical high of $0.73, and several analysts are optimistic about its long-term performance.
On the 4-hour chart, Dogecoin has broken through the recent high of $0.43, supported by RSI and 50-day EMA, showing a sideways consolidation trend. Analyst Javon Marks predicts that with the breakthrough of the previous high, Dogecoin is expected to rise by 52.2%, with a target price between $0.65 and $1.25.
Technical analyst Trader Tardigrade mentioned that Dogecoin has formed a "high tight flag" pattern, which is a strong bullish signal, with a target price of $1. The monthly chart shows that Dogecoin is operating on the Fibonacci extension target trend, and historical data suggests that the price target for 2024 could fall between $2.90 and $3.60, with Gaussian principles further supporting a range forecast of $3 to $5.
Trader Dima James Potts predicts that Dogecoin could break $10 in 2025, even challenging $36, but a more realistic range is $3 to $5. Potts noted that Dogecoin's cyclical peaks occur approximately every 1,446 days, and the price increase usually surpasses the previous cycle, with expectations that this pattern will continue in 2025.
Overall, while achieving a price target above $30 is questionable, the possibility of Dogecoin doubling again to at least $3 is still widely recognized, and the market remains optimistic about its long-term growth.