Dogecoin is looking strong, with some analysts predicting huge price increases. Let’s dive into the details.
A Potential 75% – 234% Rally
Crypto analyst Javon Marks believes Dogecoin’s recent breakout could lead to significant gains. He’s forecasting a 75% short-term jump to $0.653 and a massive 234% long-term surge to $1.25.
Marks points to Dogecoin breaking through a long-term resistance line (a descending trend line, which shows a downward price trend) as a major bullish signal. This breakout, he argues, signals the end of a prolonged period of low prices. If Dogecoin stays above this breakout point, the upward momentum could continue towards those target prices.
Currently trading around $0.38, Dogecoin has already seen impressive growth, with a 21% increase over the past week and a 14% jump in the last 24 hours.
Reaching the $1 Milestone
Other analysts are also bullish on Dogecoin. Trader Tardigrade, for example, predicts Dogecoin will hit $1 by January 2025. Their analysis uses a “Power of Three (PO3)” pattern, which divides market movements into three phases: Accumulation, Manipulation, and Distribution. Trader Tardigrade believes Dogecoin is currently in the Distribution phase, and this phase could see the price rise to $1 – a 163% increase from the current price.
