[ad_1]
Crypto analyst Dima James has provided an update on what to expect from the Dogecoin price following the meme coin’s recent rise to its highest level since July. Based on his analysis, DOGE’s upward trend will continue into the new year, leading to a massive climb to $10.
Dogecoin Price Recovery Trend To Continue Into 2025
Dima James mentioned in an X post that the Dogecoin price recovery trend will continue into 2025. He indicated that the DOGE bottom was already in and that market participants won’t see the meme coin dip below $0.10 again like in the previous cycles.
However, the analyst warned there would be larger drawdowns as the Dogecoin price climbed higher. Dima James noted that in previous cycles, DOGE witnessed 30-85% pullbacks on its way to the ultimate top in those bull runs.
He believes the market top for the Dogecoin bull run will occur in 2015. The analyst claimed that DOGE’s adoption will be crucial in pushing the Dogecoin price to new highs in this cycle. Interestingly, James is confident that the foremost meme coin could reach and surpass $10 at the peak of this market cycle.
The analyst’s accompanying chart showed that the Dogecoin price could even soar to $36. James’ analysis is based on historical patterns, especially in the 2021 bull run. He claimed that DOGE is replicating the price action since it broke above the upper trendline of a falling wedge in September and has begun its upward trend, similar to what happened in 2021.
The break above the upper trendline in 2021 eventually led to the parabolic rally of the Dogecoin price to its current all-time high (ATH) of $0.73. Therefore, the meme coin could again witness another massive price surge, taking it to a new ATH.
DOGE Is Ready For Next Leg Up
Self-acclaimed Dogecoin lead analyst on X, Kevin Capital claimed in an X post that DOGE is strong and is going much higher very soon. Before, now, he assured that the price drop which the Dogecoin price witnessed after its rise to $0.14 was just a health pullback.
He added that as long as the meme coin holds above $0.127 which is the macro golden pocket, then market participants can be confident on the pullback and expect buyers to step in. In another X post, Kevin indicated that Dogecoin could lead this bull run. He explained that the meme coin is the “retail darling” as even non-crypto natives own some of it.
As such, he believes that when they return, that is when market participants will know that the bull run is in full gear.
At the time of writing, the Dogecoin price is trading at around $0.13, up over 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
[ad_2]
Source link
