Outside Source
One analyst outlined the possibility of DOGE reaching $30+ by Jan. 19, 2025, based on historical performance.
Market Analysis
Dogecoin (DOGE) has rallied another 27% this week, reaching a new yearly high of $0.48 on Nov. 23.
The memecoin’s monthly gains are a whopping 236%, and it remains the third-highest traded crypto asset based on 24-hour trading volumes with $19.5 billion.
Top 5 crypto 30-day returns chart. Source: CoingGecko
With the market speculating an all-time high (ATH) retest at $0.73 over the next few days, multiple analysts hinted at higher targets in 2025.
Dogecoin to $1 is “inevitable”
Dogecoin has demonstrated a strong breakout above its recent high at $0.43 on the 4-hour chart, with the relative strength index (RSI) and 50-day EMA acting as support during its higher-high sideways consolidation.
Dogecoin 4-hour chart. Source: TradingView
With a confirmed move above previous highs, Javon Marks, an independent analyst, mentioned that another 52.2% upside “could be well on the way.”
Marks highlighted that the immediate target range for Dogecoin is currently between $0.65 and $1.25.
Similarly, Trader Tardigrade, a pattern analyst, said in an X post that a $1 target is “inevitable” for the memecoin. The trader observed the formation of a high-tight flag pattern and commented,
‘High Tight Flag Pattern’ stands out as a rare, BUT Extremely Bullish signal that indicates a highly possible significant upward price movement.”
Dogecoin at $3 coincides with Fibonacci targets
While a $1 target is expected in the next few days, a move above $0.73 opens up the possibility of a higher target by Q1 2025. On the monthly chart, Dogecoin has followed a repeatable target trend based on Fibonacci lines.
Since 2014, each bull market’s cycle top and bottom have accurately predicted the next cycle top based on the 1.50 and 1.618 Fibonacci extensions.
Dogecoin 1-month chart. Source: TradingView
The expected target was exceeded by 732% in 2021 compared to 2018. With a new all-time high possibly in sight, the expected target in 2024 based on the FIB extensions lies between $2.90 and $3.60.
Earlier, Cointelegraph also reported a high price target for Dogecoin based on the Gaussian principle, which outlined a range between $3 and $5 after incorporating the law of diminishing returns.
A similar target range established by a set of different analyses strengthens the possibility of DOGE reaching at least $3, which is another 566% of current prices.
Related: Dogecoin to $5? It’s possible according to a ‘Gaussian channel’ model
Can DOGE price go as high as $30?
Most of the price targets for Dogecoin in 2025 are based on its historical performances. Similarly, Dima James Potts, an independent crypto trader, outlined an extremely high target for DOGE beyond $10.
James Potts illustrated a recurring pattern for Dogecoin where the cycle peak has occurred after approximately 1446 days.
Dogecoin long-term analysis by Dima James Pott. Source: Twitter/X
Each cycle has outperformed the previous high, as mentioned above. Hence, Potts expected a similar outcome in 2025 as well. The trader mentioned,
“The top could occur around January 19th, 2025. I believe this cycle will bring some of DOGECOIN’s biggest gains yet, as each previous cycle’s percentage gains have increased.”
The chart above marked $36 as the price target for Dogecoin, another 80X from current prices. In terms of market cap, it will be roughly around ~$5.3 trillion. For context, the total crypto market is $3.5 trillion. Therefore, it is probably safe to assume that a $30+ price target for Dogecoin by Jan. 19, 2025, is unlikely.
Related: Price analysis 11/22: BTC, ETH, SOL, BNB, XRP, DOGE, ADA, AVAX, SHIB, TON
This article first appeared at Cointelegraph.com News
