How high can the price of Dogecoin go?
Dogecoin (DOGE) rallied another 27% this week, reaching a new annual high of $0.48 on November 23.
Memecoin's monthly gain is a whopping 236%, and it remains the third-largest crypto asset based on 24-hour trading volumes at $19.5 billion.
Top 5 crypto 30-day returns chart. Source: CoinGecko
The market anticipates an all-time high (ATH) test at $0.73 in the next few days, with several analysts hinting at higher targets in 2025.
Dogecoin is “inevitable” to $1
Dogecoin showed a strong breakout above the recent high of $0.43 on the 4-hour chart, with the Relative Strength Index (RSI) and 50-day EMA serving as support during a higher sideways consolidation.
Dogecoin 4-hour chart. Source: TradingView
In a confirmed move above previous highs, Javan Marks, an independent analyst, said another 52.2% increase “could be well on the way.”
Mark highlighted that Dogecoin's immediate target range is currently between $0.65 and $1.25.
Similarly, pattern analyst trader Tardigrade's $1 target for memecoin is “inevitable” in X's post. The trader sees a high tight flag forming,
A ‘high firm flag' stands out as a rare, but very rare signal that indicates a very high price movement.
Dogecoin matches Fibonacci targets at $3
While a target of $1 is expected over the next few days, a break above $0.73 opens up the possibility of a higher target in Q1 2025. On the monthly chart, Dogecoin follows a repeatable target trend based on Fibonacci lines.
Since 2014, the top and bottom of each bull market cycle have accurately predicted the next cycle based on the 1.50 and 1.618 Fibonacci extensions.
Dogecoin 1-month chart. Source: TradingView
The expected target for 2021 has exceeded 732% compared to 2018. A new all-time high, possibly in sight, the expected target for 2024 is between $2.90 and $3.60 based on FIB extensions.
Earlier, Cointelegraph reported an upper price target for Dogecoin based on the Gaussian principle, which defines a range between $3 and $5 after incorporating the law of diminishing returns.
A similar target range based on a different set of analyzes reinforces the possibility that DOGE will reach at least $3, which is 566% of the current price.
Related: Dogecoin to $5? It is possible according to the ‘Gaussian channel' model.
Can the price of DOGE rise to $30?
Most of Dogecoin's price targets for 2025 are based on their historical performance. Similarly, Dima James Potts, an independent crypto trader, set a very high target for DOGE above $10.
James Potts showed a repeating pattern for Dogecoin where the peak of the cycle occurred after 1446 days.
Dogecoin Long Term Analysis by Dima James Pott. Source: Twitter/Ex
As mentioned above, each cycle is higher than the previous one. Therefore, Potts expects the same results in 2025. The merchant mentioned,
“The peak will likely occur around January 19, 2025. I believe this cycle will bring DOGECOIN's biggest gains, as each past cycle has increased percentage gains.”
The chart above puts $36 as Dogecoin's price target, another 80X from current prices. In terms of market value, it would be around ~$5.3 trillion. For context, the total crypto market is $3.5 trillion. Therefore, it can be assumed that the $30+ price target for Dogecoin on January 19, 2025 is unlikely.
Related: Price Analysis 11/22: BTC, ETH, SOL, BNB, XRP, DOGE, ADA, AVAX, SHIB, TON
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
