Here’s What Needs to Happen for Dogecoin Price to hit $3: Analyst Explains

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As a seasoned crypto investor with over a decade of experience in this wild and wacky world of digital assets, I must admit that the prospect of Dogecoin (DOGE) hitting $3 by December 2024 seems rather optimistic, but not entirely impossible.

The current value of Dogecoin has dropped approximately 9.3% over the past day, as it struggled to surpass a crucial barrier near $0.36. Although there is significant selling activity at this level, some prominent analysts anticipate that the Dogecoin price could reach an astonishing $3.15 within the next 17 days, thanks to a recurring historical trend. The question remains: Will the price of DOGE exceed $3 by December?

Dogecoin Price Eyes $3 If History Repeats

As a crypto investor, I’m excited about Master Kenobi’s prediction that Dogecoin could potentially reach $3.15 within the next 17 days. It’s interesting to note that, historically, the growth of Dogecoin during bull markets has generally occurred in two distinct phases. In the 2017 cycle, these phases lasted for 91 and 217 days respectively. However, in 2021, both phases mirrored each other, lasting just 91 days each. This pattern could be a useful guide as we navigate the crypto market.

Based on the given timelines, Kenobi estimates that the price of DOGE might rise to $1.54 by December 2, 2022, and further to $6.88 by July 7, 2025, under the assumption it mirrors the 2017 bull market (scenario 1). Conversely, if DOGE follows the pattern of the 2021 bull market (scenario 2), its price could potentially reach $3.15 by December 2, 2022 and escalate to $26.3 by March 3, 2025.

If the market trend continues in this manner, it would result in either an approximately 3.5-fold increase to reach $1.54 or a significant 7.75-fold jump to hit $3.15. However, Kenobi finds $3.15 quite optimistic, while $1.54 by December 2nd, 2024 seems more plausible.

Can DOGE Price Hit $3? Key Levels to Watch

The projected trend for Dogecoin suggests a robust increase, as indicated by the recent significant surge within an upward-sloping channel. This surge signifies that the market is showing positive momentum over the short to medium term.

Lately, there’s been a surge in price along with heavy trading activity, indicating the authenticity of the price rise and suggesting robust investor interest. The sudden burst through the rising trend line implies a possible future exponential price growth pattern.

The primary point of resistance lies at approximately $0.7399, a place where the price was previously met with substantial rejection back in early 2021. Conversely, significant support can be found around $0.22, which corresponds to past consolidation zones, and also near $0.12, marking the lower boundary of an upward-sloping channel.

Is A $3.15 DOGE in 17 Days Realistic or Just Hype?

The patterns from past historical charts during the 2017 and 2021 market surges indicate diverse results, but the final outcome in this current surge may vary due to distinct factors at play.

  • Potential approval of Dogecoin ETF, following the speedy approval of Ethereum ETF in June.
  • A pro-crypto U.S government is looking to form a Strategic Bitcoin Reserve and adopt pro-crypto regulations.
  • Increasing adoption of crypto assets and Dogecoin. For instance, Canadian company Spirit Blockchain Capital announced it would be using MicroStrategy’s investment strategy— but with Dogecoin (DOGE)
  • The 2025 incoming bull run and alt-season could cause DOGE price to soar to new highs quickly.

Various significant economic trends are expected to fuel a strong upward trend for the stock market, which could significantly increase the value of Dogecoin. By mid-December, the price of Dogecoin might reach as high as $1.54 or possibly even $3.15.

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2024-11-15 11:06