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Cryptographic analyzer Dima James Boldly predict that the price of Dogecoin may exceed $11 in this new year. He alluded to the weekly chart of DOGE to explain why the premier meme coin is well-equipped to reach this target price.
Dogecoin price is poised to surpass $11 this year
in Share XDima James predicted that the price of Dogecoin could exceed $11 this year and reach $11.71. The analyst made this prediction after his analysis of Dogecoin weekly chart. His accompanying chart showed trend lines, which he noted were mathematically calculated and placed to provide an idea of where DOGE could end up for year four of this current cycle.
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Referring to the chart, Dime James pointed out that historically, the red line has consistently pointed to the top Every course. Meanwhile, the line above the red line represents the exact cycle high in the previous four-year cycles (2017 and 2021). If history repeats itself, cryptocurrency analysts believe this pattern will repeat again this year, with Dogecoin price reaching at least the red line, with a target above $11.
The cryptocurrency analyst pointed out that in previous cycles, the price of Dogecoin rose exactly 37 times from the beginning of the fourth year to the end of the same year. Dogecoin started this year at $0.31660. So, if history rhymes, Dima James boldly predicted that the first meme coin would expire in 2025 at About $11.7137 times its price at the beginning of this year.
Dima James also raised the possibility of Dogecoin price rising above $11.71. He pointed out that the red line for the fourth year in 2025 starts at about $23 and increases over time. The line above the red line starts at $36 and also increases over time. The cryptocurrency analyst added that market participants can start anticipating the peak of this cycle depending on when Dogecoin reaches this red line.
A more conservative price target
Cryptographic analyzer Master Kenobi It provided a more conservative price target for Dogecoin, suggesting it could range between $1.2 and $3.4 this market cycle. He stated that if DOGE surpasses its all-time high (ATH) of $0.74 by the end of January, it will likely test the $1.2 area, which he identified with the yellow trend line on its accompanying chart.
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The analyst added that anything above Dogecoin’s $1.2 price target would be a bonus, though not impossible. He noted that if DOGE reaches the orange line by the end of January, it will be worth $3.4. The cryptocurrency analyst opined that the meme coin is unlikely to reach this goal at this stage Bull market.
At the time of writing, Dogecoin price is trading at around $0.33, up more than 4% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com