Originally published on: November 23, 2024
The Dogecoin rally shows no signs of slowing down as it surged by 27% this week, hitting a new yearly high of $0.48 on November 23. With monthly gains of a staggering 236%, Dogecoin remains one of the top-traded cryptocurrencies with a 24-hour trading volume of $19.5 billion.
Analysts are now speculating whether Dogecoin will retest its all-time high of $0.73 in the coming days, with some suggesting even higher targets by 2025.
The recent breakout above $0.43 on the 4-hour chart has shown strength, with the relative strength index (RSI) and 50-day exponential moving average (EMA) providing support during its consolidation phase. Independent analysts like Javon Marks believe that Dogecoin could see another 52.2% upside in the near future, targeting a range between $0.65 and $1.25.
Trader Tardigrade also sees a $1 target as inevitable for Dogecoin, citing a high-tight flag pattern formation. This optimistic outlook is further supported by historical performance trends and Fibonacci extensions, which indicate potential targets between $2.90 and $3.60 by 2024.
While some analysts are more conservative in their estimates, others like Dima James Potts are looking at even higher price targets for Dogecoin. Potts envisions a price target of $36 by 2025, representing an 80X increase from current prices and a market cap of around $5.3 trillion.
With Dogecoin’s price trajectory looking promising, investors are keeping a close watch on this meme-inspired cryptocurrency as it continues to defy expectations and reach new heights.