Dogecoin (DOGE), one of the most popular meme-based cryptocurrencies, hit a three-year high of $0.48 on November 23. This is a 27% rise in the past week and a 236% surge for the last month. The price surge has put the meme coin third on the list of most traded cryptocurrencies, with about $19.5 billion in trading volume in the last 24 hours.
Elon Musk Sparks Speculation
The recent increase has been fueled by a 27% rise earlier in the week, which has taken DOGE’s price approximately to where it last traded in 2021. Speculation surrounding the social media platform X, associated with Elon Musk, appears to be the primary factor influencing this notable increase.
The buzz started when Musk shared a screenshot of Joe Rogan’s X profile with a new dollar icon. This icon is distinct from the platform’s tipping feature, which has led many to theorize it could mean X Payments is on the way.
DOGE Price Target
Analyst Javon Marks focused on a breakout through the $0.43 level as the key indication. He also used technical analysis, using RSI and a 50-day EMA, to support the idea that the price is expected to rise further. Marks has also laid down an initial price target range of between $0.65 and $1.25 for DOGE.
On the same note, chart pattern analyst Tardigrade also believes that a $1 price for DOGE is ‘inevitable’. He also noted the formation of the ‘high-tight flag,’ which is a very bullish pattern that precedes a strong move upwards. As of press time, DOGE is trading at $0.4741, showing a 20.21% increase over the past day.
If DOGE rises above $0.73, experts predict the price will increase to $1 by the end of Q1 2025. DOGE’s action on the monthly chart aligns with the Fibonacci model. From this perspective of the Fibonacci analysis, the next major target for DOGE may range between $2.90 and $3.60.
This comes at a time when there is a lot of speculation about DOGE and its possible integration into Musk’s changing digital landscape. With DOGE now at a three-year high, the future of the currency seems bright. Investors are closely watching the memecoin as it grows, and they are waiting to see where the price will rise next.
