Dogecoin (DOGE) has increased by an additional 27% this week, reaching a new yearly high of $0.48 on November 23. The monthly increase of the memecoin has reached 236% and remains the third most traded cryptocurrency based on 24-hour trading volume at $19.5 billion.
As the market anticipates the all-time high (ATH) to be retested at $0.73 in the coming days, many analysts have hinted at higher targets for 2025.
Dogecoin reaching $1 is 'inevitable'
Dogecoin has shown a strong breakout past the recent high of $0.43 on the 4-hour chart, with the Relative Strength Index (RSI) and 50-day EMA acting as support during the consolidation process achieving higher levels.
With the move confirmed above the previous high, Javon Marks, an independent analyst, stated that a further 52.2% increase 'may be on the way.'
Marks emphasizes that the immediate target range for Dogecoin currently lies between $0.65 and $1.25.
Similarly, Trader Tardigrade, a pattern analyst, stated in a post on X that the $1 target is 'inevitable' for the memecoin. The trader observed the formation of a high tight flag pattern and commented,
'High tight flag' patterns stand out as a rare BUT extremely bullish signal, indicating a very high probability of significant price increase.'
Dogecoin at $3 coincides with the Fibonacci target
While the projected target is $1 in the coming days, a move above $0.73 opens up the possibility of achieving higher targets in Q1 2025. On the monthly chart, Dogecoin has followed a recurring target trend based on Fibonacci lines.
Since 2014, the peaks and troughs of each bullish market cycle have accurately predicted the peak of the next cycle based on Fibonacci extension levels of 1.50 and 1.618.
The projected target exceeded 732% in 2021 compared to 2018. With a new record high potentially achievable, the projected target for 2024 based on the FIB extension ranges from $2.90 to $3.60.
Previously, Cointelegraph also reported on the high price target for Dogecoin based on the Gauss principle, which outlines a price range from $3 to $5 after incorporating the law of diminishing returns.
A similar target range has been established by a variety of different analyses reinforcing the likelihood of DOGE reaching at least $3, which is an additional 566% increase from the current price.
Could DOGE's price rise to $30?
Most price targets for Dogecoin in 2025 are based on its historical performance. Similarly, Dima James Potts, an independent cryptocurrency trader, has outlined extremely high targets for DOGE exceeding $10.
James Potts illustrated a repeating pattern of Dogecoin, where cycles peak after about 1446 days.
Each cycle has exceeded the previous high, as mentioned above. Therefore, Potts also expects a similar outcome in 2025. The trader mentioned,
'The peak could occur around January 19, 2025. I believe this cycle will bring some of the largest gains for DOGECOIN ever, as the percentage increase of each previous cycle has been rising.'
The chart above marks $36 as the price target for Dogecoin, an 80-fold increase from the current price. In terms of market capitalization, it would be around ~5.3 trillion dollars. To put it into perspective, the total cryptocurrency market is $3.5 trillion. Therefore, it may be reasonable to assert that a price target of $30+ for Dogecoin by January 19, 2025, is unrealistic.
