As 2024 concludes, Dogecoin (DOGE) is attracting numerous investors and analysts who foresee a substantial price fluctuation for the meme coin.
Analyst Javon Marks recently projected that DOGE will attain a target of $2.28 by year-end. This positive perspective is founded on a synthesis of market sentiment and technical analysis.
Short-Term Bullish Momentum
The technical side shows good bullish momentum in the short and medium term for Dogecoin. There’s likely to be an approximate rise of 206% over the next three months with the current sentiment of the market.
This is indicative of increased interest in DOGE because it continues to position itself as a potential investment vehicle. In the next six months, a more tempered but still significant growth of 51% is expected, according to CoinCheckup. That means that the upward trend in Dogecoin can persist at a healthy rate.
Bull Market Patterns
The Fibonacci expansion analysis shows Dogecoin’s bull market patterns, which fuels Javon Marks’ forecast. DOGE rose from $0.00009 to $0.00748, matching the 1.618 Fibonacci level in 2015–2017. The 2020–2021 cycle saw it rise from $0.00168 to $0.73, surpassing the 1.618 Fibonacci level at $0.03912.
$DOGE (Dogecoin) Update:
The history hasn’t changed and still points to a fairly high likeliness of a price run to AND ABOVE the 1.618 Fib Extension level as it did every cycle prior to this and this time around,
that’d result in a more than 570% increase from here to $2.28+! https://t.co/BtYB3vaWHH pic.twitter.com/Fdvqb7FtCW
— JAVON
MARKS (@JavonTM1) December 25, 2024
Even though the price has dropped about 46% since its high point of $0.48, people are still generally hopeful. A lot of people think that DOGE could easily break through barrier levels and go to higher levels if the market as a whole is in a good mood.
At the time of writing, the price of DOGE is around $0.3227. If Marks’ prediction holds true, then DOGE would have risen by 606% by the end of 2024.
Dogecoin (DOGE) prices have gone up and down a lot in the past. In 2017, the coin started a parabolic rise that saw it rise by 200% and then drop by 40%.
After that, it went up by an insane 5,000%. DOGE went through a similar trend in 2021. It went up 476%, then down 56%, and then up to 120%.
Medium To Long-Term Predictions
Looking forward to the one-year mark, the projections are still quite conservative at 24%, which will probably indicate stabilization after the initial growth. Although the short-term prospects for Dogecoin are extremely bullish, medium- and long-term gains might moderate with the change of market conditions.
Other analysts are even predicting Dogecoin to reach $1 or $4 in the next few years, besides Marks’ predictions. In short, the convergence of political development, technical factors, and social sentiment has created a unique environment for growth. With DOGE gaining more ground as a payment method for many businesses, its utility in the cryptocurrency ecosystem will also grow.
Featured image from TechRadar, chart from TradingView
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
