Dogecoin (DOGE), one of the most popular meme-based cryptocurrencies, hit a three-year high of $0.48 on November 23. This is a 27% increase over the past week and a 236% increase over the past month. The price increase has propelled the meme coin to the third spot on the list of most traded cryptocurrencies, with a trading volume of about $19.5 billion over the past 24 hours.
Elon Musk sparks speculation
The recent surge was fueled by a 27% gain earlier in the week, bringing DOGE’s price close to its last trading level of 2021. Speculation surrounding Elon Musk-linked social media platform X appears to have been a major factor influencing this notable increase.
The buzz started when Musk shared a screenshot of Joe Rogan's X profile with a new dollar sign. The sign is different from the platform's tipping feature, leading many to theorize that it could mean X Payments is coming soon.
DOGE Price Target
Analyst Javon Marks focuses on a breakout above $0.43 as a key indicator. He also uses technical analysis, using the RSI and 50-day EMA, to support the idea that the price is expected to rise further. Marks has also set an initial price target range of $0.65 to $1.25 for DOGE.
Similarly, chart pattern analyst Tardigrade also believes that a $1 price level for DOGE is ‘inevitable’. He also noted the formation of a ‘tight-high flag’, which is a very bullish pattern that precedes a strong move up. As of press time, DOGE is trading at $0.4741, representing a 20.21% gain over the past day.
If DOGE rises above $0.73, experts predict the price will rise to $1 by the end of Q1 2025. DOGE’s action on the monthly chart fits the Fibonacci pattern. According to this Fibonacci analysis, DOGE’s next major target could be between $2.90 and $3.60.
This comes at a time when there is a lot of speculation about DOGE and its potential integration into Musk’s changing digital landscape. With DOGE currently at a three-year high, the future of the coin looks bright. Investors are closely watching the memecoin as it develops, waiting to see where the price will rise next.
