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As 2024 draws to a close, Dogecoin (DOGE) is attracting scores of investors and analysts who foresee significant price swings for the meme coin.
Analyst Javon Marks recently predicted that DOGE will reach a target of $2.28 by the end of the year. This positive perspective is based on a synthesis of market sentiment and technical analysis.
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Short-term bullish momentum
The technical side shows good bullish momentum for Dogecoin in the short and medium term. Given current market sentiment, an increase of approximately 206% is likely to occur over the next three months.
This signals increased interest in DOGE as the company continues to position itself as a potential investment vehicle. In the next six months the climate will be more moderate, but still significant growth of 51% is expected, according to CoinCheckup. That means the uptrend in Dogecoin can continue at a healthy pace.
Bull market patterns
The Fibonacci Expansion Analysis Shows Dogecoin Bull Market Patterns Fueling Javon Marks’ Prediction. DOGE rose from $0.00009 to $0.00748, matching the 2015-2017 Fibonacci level of 1.618. In the 2020-2021 cycle, yields rose from $0.00168 to $0.73, surpassing the Fibonacci level of 1.618 by $0.03912.
$DOGE (Dogecoin) update:
History has not changed and still points to a fairly high probability of a price increase to AND ABOVE the 1,618 Fib Extension level, as has been the case every cycle before and this time.
that would result in an increase of over 570% from here to $2.28+! https://t.co/BtYB3vaWHH pic.twitter.com/Fdvqb7FtCW
— JAVON
MARKS (@JavonTM1) December 25, 2024
Although the price is down about 46% since its high of $0.48, people are still generally hopeful. Many people think that DOGE can easily break through barrier levels and move to higher levels when the market as a whole is in a good mood.
At the time of writing, DOGE’s price is round $0.3227. If Marks’ prediction is correct, DOGE would be up 606% by the end of 2024.
Dogecoin (DOGE) prices have gone up and down a lot in the past. In 2017, the coin started a parabolic rise, rising 200% and then falling 40%.
Then it went up an insane 5,000%. DOGE experienced a similar trend in 2021. It rose 476%, then 56%, then up to 120%.
Medium to long term forecasts
Looking ahead to the one-year milestone, projections are still quite conservative at 24%, which will likely indicate stabilization after initial growth. Although the short-term outlook for Dogecoin is extremely optimistic, medium- and long-term profits may decline due to the change in market conditions.
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Other analysts even predict that Dogecoin will reach $1 or $4 in the coming years, beyond Marks’ predictions. In short, the convergence of political development, technical factors and social sentiment has created a unique environment for growth. As DOGE gains traction as a payment method for many businesses, its usefulness in the cryptocurrency ecosystem will also increase.
Featured image from TechRadar, chart from TradingView
