Dogecoin price is down 9.3% in the last 24 hours after failing to break above a key resistance of around $0.36. Despite the increasing sell pressure at this resistance level, popular analysts predict that the DOGE price will soar to $3.15 in the next 17 days due to the repeat of a historical pattern. Will the price of DOGE soar above $3 by December 2?
Dogecoin Price Eyes $3 If History Repeats
Famous crypto analyst Master Kenobi has predicted that Dogecoin price could hit $3.15 in the next 17 days. Historically, DOGE price growth during bull markets has had two phases. In the 2017 cycle, the growth lasted 91 and 217 days, while in 2021, both phases lasted 91 days.
Projecting off of these timelines, Kenobi predicts that DOGE price could reach $1.54 by December 2, and $6.88 by July 7, 2025 if it follows 2017 bull cycle (scenario 1). If it follows the 2021 bull cycle (scenario 2), Dogecoin could hit $3.15 by December 2 and $26.3 by March 3, 2025.
Such a bullish move would constitute a 327% increase to $1.54 or a 775% surge to $3.15. Kenobi says $3.15 is optimistic but $ 1.54 by December 2, 2024 is more realistic.
Can DOGE Price Hit $3? Key Levels to Watch
Dogecoin price forecast shows a strong upward trend, evidenced by the recent sharp price spike within an ascending channel. This breakout signals bullish momentum in the medium term.
The recent price increase is accompanied by high trading volume, supporting the validity of the upward movement and hinting at strong market interest. The immediate breakout from the ascending channel suggests the possibility of a potential parabolic price movement.
The major resistance level is at $0.7399, where the price previously faced significant rejection in early 2021. On the flip side, key support levels include $0.22, aligned with previous consolidation areas, and the lower bound of the ascending channel near $0.12.
Is A $3.15 DOGE in 17 Days Realistic or Just Hype?
Previous historical chart patterns during the 2017 and 2021 bull runs suggest different outcomes. However, the outcome will depend on different factors during this bull run.
- 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.
These and other macro-economic factors will likely contribute to one of the best bull runs in history, potentially pushing Dogecoin price to $1.54 or even $3.15 before mid-December.
Frequently Asked Questions (FAQs)
A popular analyst predicts a significant price increase based on repeating historical patterns seen in previous bull cycles. The projection suggests Dogecoin could surge if it follows similar growth phases as seen in 2017 and 2021.
The forecast for $3.15 is considered optimistic but is based on similar past growth patterns. The analyst views a more realistic short-term target as $1.54 by December 2.
Potential drivers include increased adoption of Dogecoin, the approval of a Dogecoin ETF, pro-crypto U.S. government policies, and strong market interest signaled by high trading volume.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/heres-what-needs-to-happen-for-dogecoin-price-to-hit-3-analyst-explains/
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