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Crypto analyst Dima James has boldly predicted that the price of Dogecoin could fall to $11 this new year. He referred to the DOGE weekly chart to explain why the premium meme coin is well-prepared to hit this price target.
Dogecoin Price Started To Cross $11 This Year
In an X postDima James predicted that the price of Dogecoin could fall below $11 this year and reach $11.71. The analyst made this prediction following his analysis Dogecoin weekly chart. His accompanying chart showed trend lines, which he noted were statistically calculated and positioned to give an idea of ​​where DOGE could end year 4 of this current cycle.
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Referring to the chart, Dime James noted that historically, the red line has always shown the top of the the whole cycle. Meanwhile, the line above it in red marks the peak of the cycle in the previous 4-year cycles (2017 and 2021). If history repeats itself, the crypto analyst believes that this pattern will repeat itself this year, with the price of Dogecoin reaching at least the red line, which is aimed at more than $11.
A crypto analyst noted that in previous cycles, the price of Dogecoin increased exactly 37x from the beginning of year 4 to the end of that year. Dogecoin started this year at $0.31660. Therefore, if history has rhymes, Dima James boldly predicted that the main meme coin will end in 2025 in 2025. today we are at 11.71 $37 times the amount at the beginning of this year.
Dima James also suggested that the price of Dogecoin may rise above $11.71. He mentioned that the red line for the 4th year in 2025 starts at about $23 and increases over time. The line above it in red starts at $36 and rises again over time. The crypto analyst added that market participants can begin to anticipate the rise of this cycle depending on when Dogecoin reaches this red line.
Conservative Price Target
Crypto analyst Master Kenobi has given a bullish price target for Dogecoin, suggesting it could top between $1.2 and $3.4 this market cycle. He indicated that if DOGE surpasses its current high (ATH) of $0.74 at the end of January, it could test the $1.2 area, which he marks with a yellow trend line on his accompanying chart.
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The analyst added that anything above the dogecoin price of $1.2 would be a bonus, although it is unlikely. He noted that if DOGE were to reach the orange line at the end of January, it would be worth $3.4. A crypto analyst pointed out that the meme coin will probably not reach this target at this stage bull market.
At the time of writing, the price of Dogecoin is trading at around $0.33, up more than 4% in the last 24 hours, according to the report. data from CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com