Dogecoin is already one of the most popular cryptocurrency tokens, recently causing a stir in the crypto space. The token is closely related to Tesla CEO Elon Musk, a fact that has helped it gain significant traction recently. With Musk taking charge of his DOGE department in January, Dogecoin is poised to hit new highs soon.
Dogecoin: Analysts predict a new price trend for this token
Dogecoin is currently very popular in many aspects. As Musk prepares to officially take charge of his government efficiency department (DOGE), the token is receiving a lot of attention. Speculation about Musk adding Dogecoin payments on X has also spread like wildfire, which is another noteworthy development that could help Dogecoin's price soar to new highs.
In the process, renowned cryptocurrency analyst Javon Marks made new predictions for Dogecoin. The analyst quickly stated that Dogecoin will surge by 75%, which could help the token soar to $0.73.
Moreover, this analyst is very optimistic about Dogecoin's future as a leading meme token. Marks quickly pointed out that Dogecoin's price will continue to rise, which could push the token to reach the $3 price level in a short time.
"Compared to historical performance, this cycle for $DOGE (Dogecoin) is almost perfect. These performances may herald higher prices coming soon! History shows that Dogecoin is about to record an increase of nearly 75% or even more. Reaching or exceeding its current all-time high of $0.73905, and then even higher. At least, we might see DOGE go beyond $3, with a peak of over $7.20 to over $15..."
Is the technical token price tag consistent?
Although analysts like Marks express long-term full support for the token, technical portals like CoinCodex tell a different story.
According to CoinCodex data, Dogecoin's price may soon experience a significant drop by the end of December, pushing its trading price to $0.37.
"Based on our current predictions for Dogecoin's price, it is expected to drop by -6.04%, reaching $0.377669 by January 16, 2025. According to our technical indicators, the current sentiment is neutral, while the fear and greed index shows 83 (extreme greed). Over the past 30 days, Dogecoin has had an upward trend for 17 out of 30 days (57%), with a price volatility of 5.56%. Based on Dogecoin's forecast, now is a good time to buy Dogecoin."
However, the token is expected to gain momentum after January, eventually rising to the price level of $0.94.
