Dogecoin (DOGE) is up another 27% this week, reaching a yearly high of $0.48 on November 23rd.
memecoin’s monthly gains are a whopping 236%, and at $19.5 billion, it remains the third highest traded cryptocurrency asset by 24-hour trading volume.
Top 5 cryptocurrencies 30-day return chart. Source: CoinGecko
Markets are predicting a retest of the all-time high (ATH) of $0.73 in the coming days, with several analysts hinting at higher targets for 2025.
Dogecoin to $1 is “inevitable.”
Dogecoin demonstrated a strong breakout above recent highs of $0.43 on the 4-hour chart, with the Relative Strength Index (RSI) and 50-day EMA serving as support during the consolidation next to the high.
Dogecoin 4-hour chart. Source: TradingView
Independent analyst Javon Marks noted that further upside of 52.2% “could be on the horizon,” with the rally clearly surpassing previous highs.
Marks emphasized that Dogecoin’s immediate target range is currently between $0.65 and $1.25.
Likewise, pattern analyst Trader Tardigrade said in an X post that a $1 target is “inevitable” for memecoins. The trader observed the formation of a tight flag pattern and said:
The ‘high tight flag pattern’ is very rare, but stands out as a very bullish signal indicating the potential for significant price appreciation.”
Dogecoin at $3 is in line with Fibonacci target
A $1 target is expected in the coming days, but a move above $0.73 opens the possibility for a higher target by the first quarter of 2025. On the monthly chart, Dogecoin followed a repeatable target trend based on Fibonacci lines.
Since 2014, the top and bottom cycles of each bull market have accurately predicted the next cycle high based on the 1.50 and 1.618 Fibonacci extensions.
Dogecoin 1 month chart. Source: TradingView
The projected target for 2021 was exceeded by 732% compared to 2018. With new all-time highs in sight, the expected 2024 target based on FIB extension is between $2.90 and $3.60.
Previously, Cointelegraph also reported a high price target for Dogecoin based on the Gaussian principle, which describes a range between $3 and $5 after applying the law of diminishing returns.
A similar target range set through a series of different analyzes strengthens the possibility of DOGE reaching at least $3, which is another 566% of the current price.
Related: Dogecoin to $5? According to the ‘Gaussian Channel’ model, it is possible.
Can DOGE price go up to $30?
Most of the 2025 Dogecoin price targets are based on historical performance. Likewise, independent cryptocurrency trader Dima James Potts has set a very high target of over $10 for DOGE.
James Potts described a repeating pattern for Dogecoin, with a cycle peak occurring after approximately 1446 days.
Dogecoin long-term analysis by Dima James Pott. Source: Twitter/X
As mentioned above, each cycle has surpassed the previous high. Therefore, Potts expected similar results in 2025. As the merchant mentioned:
“The peak could occur around January 19, 2025. Since the percentage gains in each previous cycle have increased, we believe this cycle will produce the biggest gains for DOGECOIN.”
The chart above shows $36 as the target price for Dogecoin, which is 80 times higher than the current price. In terms of market capitalization, it would be approximately $5.3 trillion. For context, the overall cryptocurrency market is $3.5 trillion. Therefore, it would be safe to assume that Dogecoin’s price target above $30 by January 19, 2025 is impossible.
Related: Price Analysis 11/22: BTC, ETH, SOL, BNB, XRP, DOGE, ADA, AVAX, SHIB, TON
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.