Analysis

Can Dogecoin Reach $1.50 in 2024? Analysts Weigh In

Many factors, as enumerated by a crypto specialist, might push Dogecoin to trade between $0.5 and $2 in 2024.
He believes that the Bitcoin ETF’s potential placement and the X integration will be important factors in its movement.

In an effort to reach a new all-time high, Dogecoin (DOGE), the largest meme coin by market capitalization, is predicted to breach yet another significant resistance level. I recently heard from a well-known analyst named Kriss Pax about its prospects. He claims that the meme coin’s charts show a bullish trend that points to a rise the next week.

The majority of altcoins, including Dogecoin, “draw their energy” from Bitcoin, according to Pax’s submission. Pax made reference to the recent surge in the market that saw Ethereum and Dogecoin rise in value. Bitcoin reached $45k during the surge. He thinks that a number of initiatives may favorably affect the price of Bitcoin and may have a cascading effect on Dogecoin. The market may be primed for a bullish run this year by the excitement surrounding the new Bitcoin ETF, the anticipated Bitcoin halving event, and a potential Federal Reserve interest rate cut.

Dogecoin saw a sharp 10% drop as of the time of publication, trading at $0.082855. With a score of 42/100, the market’s sentiment had changed from bullish to pessimistic. In the past seven days, Dogecoin has declined by 11% according to market data. However, things are expected to change in the coming days.

More on the Dogecoin Price Analysis

Doge’s four-hour chart, in Pax’s opinion, depicts the construction of a wedge shape, with the asset contacting the top, outside, and inside of the wedge before moving back in. He sees this as a sign of an impending breakout.

The analyst acknowledges that there may be declines along the route, the first of which is anticipated to occur after January 10. According to Pax, there might be a letdown, and the immediate decision of Bitcoin ETFs could go any way. Additionally, he projects that the price of Bitcoin may end 2024 between $60k and $100k. This might make Dogecoin follow along.

In addition, there would be other factors driving up the price of the meme currency, such as integrations as payment mechanisms and celebrity endorsements. Additionally, an increasing surge is supported by technical analysis, on-chain activity, and increased user engagements.

He also revealed that since Dogecoin’s launch, there have been two significant spikes in value, the first of which occurred in 2017. In 2021, the second one appeared. These were all introduced following the Bitcoin halving. The next significant upswing in the four-year bull run cycle is anticipated to occur in 2025. Pax has noted that the surge in Bitcoin has happened earlier, though. This suggests that this year, rather than next, could see a significant advancement for Dogecoin.

The expert thinks that Dogecoin might be included as a payment option on the X platform. Given that Dogecoin may be poised to surpass its all-time high price, this is anticipated to be the asset’s game-changing event. He claims that when this occurs, the meme coin may increase in value to between $1.5 and $2. He anticipates the asset reaching $0.2 in the event that the X integration is not successful.

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