Crypto analyst Dima James has boldly predicted that the price of Dogecoin could exceed $11 in this new year. He cited DOGE's weekly chart to explain why the most important meme coin is well primed to reach this price target.
The price of Dogecoin exceeded $11 this year
In the X postDima James predicted that the price of Dogecoin could exceed $11 this year and reach $11.71. The analyst made this prediction after his analysis of it Weekly Dogecoin stock price history. The accompanying chart showed transition lines, which he noted are mathematically calculated and positioned to give an idea of where DOGE might end year 4 of this current cycle.
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Referring to the chart, Dime James noted that historically, the red line has consistently marked the top each cycle. Meanwhile, the line above the red one marks the exact cycle top in previous 4-year cycles (2017 and 2021). If history repeats itself, the crypto analyst believes that this pattern will be played again this year, with the price of Dogecoin reaching at least the red line, with the target above $11.
The crypto analyst noted that in previous cycles, the price of Dogecoin has increased by just 37x from the beginning of year 4 to the end of that same year. Dogecoin started this year at $0.31660. So, if history rhymes, Dima James boldly predicted that the most important meme coin will expire in 2025 at about 11.71 US dollars37 times the price at the beginning of this year.
Dima James also pointed out that the price of Dogecoin could rise above $11.71. He noted that the red line for year 4 in 2025 starts at around $23 and increases over time. The line above the red one starts at $36 and increases with time as well. The crypto analyst said that market participants can start to expect the peak of this cycle depending on when Dogecoin reaches this red line.
A More Conservative Price Target
Crypto analyst Master Kenobi provided a more conservative target for Dogecoin's price, suggesting it could rise between $1.2 and $3.4 this market cycle. He said that if DOGE breaks past its all-time high (ATH) of $0.74 by the end of January, it could test the $1.2 range, which he indicated with the yellow trend line on the chart with him.
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The analyst said that anything beyond Dogecoin's $1.2 price target would be a gain, though not impossible. He said that if DOGE reached the orange line by the end of January, it would be worth $3.4. The crypto analyst believed that the meme coin is unlikely to reach this target at this stage of the 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 data from CoinMarketCap.
Featured image created by Dall.E, chart from Tradingview.com
