Dogecoin has had an eventful 2024, with the token encountering significant highs followed by some depressing lows. However, things started to shift dramatically when Elon Musk announced the launch of the D.O.G.E. department, which the internet sleuths touted as an organization taking inspiration from Dogecoin itself. As Dogecoin continues to bank on this novel surge, will it continue to reach higher price realms? One analyst claims so.
Also Read: Ripple Year End Price Prediction: Is XRP Claiming A New High Soon?
Dogecoin to Surge 570%? Here’s How
Dogecoin is currently one of the most trending crypto coins in the space. The token has had a significant 2024 with new developments taking it to new highs. The new political regime change in the US contributed majorly to the recent Dogecoin surge, especially when Musk and Ramaswamy’s Department Of Government Efficiency, or D.O.G.E, was announced as the new department tracking governmental spending and expenses.
Such lucrative developments played a pivotal role in bolstering the token’s pace. That being said, one cryptocurrency analyst has predicted a stellar Dogecoin surge in the near future. Per Javon Marks, Doge is still banking on a very high price surge that could soon become a reality.
Marks took to X to share a new tweet, referring to the Fibonacci extension stats of Doge. He shared that if Doge’s price manages to soar above the 1.68 fib extension level as it did in one of the earlier Doge price cycles, the token can surge freely then, claiming a high of stellar $2.28 in the process.
This would signal that Dogecoin has surged nearly 570% in the process, sparking a new bullish rally in its wake.
“$DOGE (Dogecoin) Update: The history hasn’t changed and still points to a fairly high likelihood of a price run to AND ABOVE the 1.618 Fib Extension level as it did every cycle prior to this and this time around. That’d result in a more than 570% increase from here to $2.28+!”
$DOGE (Dogecoin) Update:
— JAVON⚡️MARKS (@JavonTM1) December 25, 2024
The history hasn't changed and still points to a fairly high likeliness of a price run to AND ABOVE the 1.618 Fib Extension level as it did every cycle prior to this and this time around,
that'd result in a more than 570% increase from here to $2.28+! https://t.co/BtYB3vaWHH pic.twitter.com/Fdvqb7FtCW
Also Read: Top 3 Cryptocurrencies That Could Rally This Weekend
The Token Near Future Price Analysis
Apart from Marks, technical price markers like CoinCodex have a different price story to tell. Per CC, Doge may display a mellow pace, sitting stable at the $0.33 price mark by December 31st.
By mid-January, it may decline further to sit at a low price spot of $0.32.
“According to our current Dogecoin price prediction, the price of Dogecoin is predicted to drop by -7.27% and reach $ 0.315665 by January 24, 2025. Per our technical indicators, the current sentiment is neutral while the Fear & Greed Index is showing 73 (Greed). Dogecoin recorded 15/30 (50%) green days with 10.16% price volatility over the last 30 days. Based on the Dogecoin forecast, it’s now a good time to buy Dogecoin.”
Also Read: Shiba Inu Year End Prediction: Will SHIB Hit $0.00003 By End Of 2024?