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As 2024 draws to a close, Dogecoin (DOGE) is attracting many investors and analysts who foresee a large volatility in the price of the meme coin.
Analyst Javon Marks recently predicted that DOGE will reach a price target of $2.28 by the end of the year. This positive outlook is based on a combination of market sentiment and technical analysis.
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Short-Term Bullish Momentum
The technical side shows positive bullish momentum in the short and medium term for Dogecoin. There could be an increase of around 206% in the next three months with the current market outlook.
This is an indication of growing interest in DOGE as it continues to position itself as a potential investment vehicle. In the next six months, an angry but still significant growth of 51% is expected, according to CoinCheckup. That means the upward trend in Dogecoin can continue at a healthy rate.
Bull Market Patterns
Fibonacci extension analysis shows Dogecoin bull market patterns, fueling Javon Marks’ forecast. DOGE rose from $0.00009 to $0.00748, matching the 1.618 Fibonacci level of 2015–2017. The 2020–2021 cycle saw it rise from $0.00168 to $0.73, surpassing the Fibonacci level of 1.618 by $0.03912.
$DOGE (Dogecoin) Update:
The history has not changed and still points to a very high possibility for the price AND ABOVE the 1.618 Fib Extension level as it has done all the cycles before this and now,
that would result in over 570% increase from here to $2.28+! pic.twitter.com/Fdvqb7FtCW
— JAVON⚡️MARKS (@JavonTM1) December 25, 2024
Even though the price is down about 46% from its high of $0.48, people are still generally optimistic. Many people think that the DOGE can easily pass the resistance levels and go to higher levels if the overall market is in a good mood.
At the time of writing, the price of DOGE is approximately $0.3227. If Marks’ prediction is true, DOGE will have risen 606% by the end of 2024.
Dogecoin (DOGE) prices have fluctuated a lot in the past. In 2017, the coin started an inverse rise of 200% and then fell by 40%.
After that, it increased by an insane 5,000%. DOGE went through a similar process in 2021. It went up 476%, down 56%, then up to 120%.
Medium and Long Term Forecasts
If we look forward to the one-year mark, the projection is still delayed at 24%, which will probably show a stabilization after the initial growth. Although the short-term prospects for Dogecoin are extremely cheap, medium- and long-term gains may be limited by changing market conditions.
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Some analysts even predict that Dogecoin will reach $1 or $4 in the next few years, despite Marks’ predictions. In short, the confluence of political developments, technological factors, and community sentiment has created a unique environment for growth. As DOGE gains more ground as a payment method for many businesses, its use in the cryptocurrency ecosystem will also grow.
Featured image from TechRadar, chart from TradingView