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Crypto analyst Dima James has boldly predicted that the Dogecoin price could surpass $11 this new year. He pointed to DOGE’s weekly chart to explain why the top meme coin is well poised to hit this price target.
Dogecoin price is poised to cross $11 this year
In one X messageDima James predicted that the Dogecoin price could surpass $11 this year and reach $11.71. The analyst made this prediction after his analysis Dogecoin’s weekly chart. His accompanying chart showed trend lines, which he noted have been mathematically calculated and placed to give an idea of where DOGE year 4 of this current cycle might end up.
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Referring to the chart, Dime James noted that the red line has historically consistently indicated the top every cycle. Meanwhile, the line above the red one marks the exact cycle top in previous four-year cycles (2017 and 2021). If history repeats itself, the crypto analyst believes this pattern will repeat itself this year, with the Dogecoin price reaching at least the red line, aiming above $11.
The crypto analyst noted that in previous cycles, the Dogecoin price has risen exactly 37x from the start of year 4 to the end of the same year. Dogecoin started this year at $0.31660. Therefore, if history rhymes, Dima James boldly predicted that the main meme coin will end in 2025 about $11.7137 times the price at the beginning of this year.
Dima James also raised the possibility of the Dogecoin price rising above $11.71. He noted that the redline for year 4 starts around $23 in 2025 and increases over time. The line above the red one starts at $36 and also increases with time. The crypto analyst added that market participants can expect the peak of this cycle depending on when Dogecoin reaches this red line.
A more conservative price target
Crypto analyst Master Kenobi offered a more conservative target for the Dogecoin price, suggesting it could rise between $1.2 and $3.4 in this market cycle. He stated that if DOGE were to break past its current all-time high (ATH) of $0.74 in late January, it could potentially test the $1.2 area, which he marked with the yellow trendline on his accompanying chart.
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The analyst added that anything above the Dogecoin price target of $1.2 would be a bonus, although not impossible. He noted that if DOGE were to reach the orange line by the end of January, it would be valued at $3.4. The crypto analyst opined that the meme coin is unlikely to achieve this goal at this stage the bull market.
At the time of writing, the Dogecoin price is trading around $0.33, up more than 4% in the past 24 hours, according to facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com