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Analysts and investors alike have Dogecoin under the lens, particularly in light of recent forecasts indicating a possible price spike. Market analyst Javier Santini has made headlines with his forecast that Dogecoin could hit $4 within a week after an ongoing correction phase. Related Reading Dogecoin (DOGE) Hints at Revival: Can It Defy The Odds? 18 hours ago Analyst’s Take
Javier Santini, founder of Elemento Cripto, bases his prediction on how prices have changed since Dogecoin’s start in 2017. He says that drops below all-time highs are likely to last for a month or more before the coin starts to rise again. Every mid cool-off (below ATH) since the beginning of $DOGE has exactly 1 month of duration at +24th. A fact since 2017.
The next and first hyperbolic push will start next week and should reach $4 in a week or less. $XRP to $25.
The news should be very unexpected. pic.twitter.com/1Y2HpinqrH
— Javier Santini (@javierosantini) December 21, 2024
After hitting a high of $0.48 in the wake of the US presidential election results in early December, Dogecoin is currently undergoing a correction. It has since fallen 35%, but according to Santini, this collapse is a normal part of the market cycle.
Santini claims that the historical data for Dogecoin demonstrates recurring trends throughout corrections. Based on Dogecoin’s weekly chart, he provided insights that showed each mid-cool-off period has lasted approximately one month.
He believes that Dogecoin will have a huge rally following this correction, which he believes will end soon, and may hit $4 in as little as a week. Compared to its current price of roughly $0.3253, this would indicate an astounding growth of over 1,168%.
Dogecoin price up in the last 24 hours. Source: Coingecko Market Sentiment And General Patterns
Dogecoin excites and worries people. Some investors are wary about cryptocurrencies due to their volatility, but others want to profit. While the correction has garnered attention, analysts like Santini say such swings are normal and often precede major rallies. DOGE is currently trading at $0.32. Chart: TradingView
Other expert @Degengambleh predicts Dogecoin will reach $4.20, supporting Santini’s optimistic estimate. He foresees another rise since a 1,000-day accumulation pattern shows substantial underlying support for the cryptocurrency. Related Reading Can Ethereum Break $3,500 Before End Of 2024? Analyst Weighs In 1 day ago Multiple Variables
Whether Dogecoin actually achieves these lofty goals going forward will depend on numerous variables, including market mood and more general developments within the cryptocurrency space. Very soon, we may yet witness another chapter in this remarkable history of Dogecoin’s—a swift rise after a period of consolidation—if Santini’s theory is correct.
Even though the prediction of Dogecoin’s price is quite vague, there is an optimistic atmosphere that one gets from the previous trends and how the market behaves nowadays. With this, investors are challenged to be aware and really conduct in-depth research along the way as they ride this dynamic financial landscape.
Featured image from Pexels, chart from TradingView