2024-12-30 17:00 |
The Dogecoin price action over the past three weeks has been characterized by notable corrections and consolidations alongside the rest of the crypto market. Nonetheless, the enduring bullish sentiment surrounding the meme coin suggests that it may be on track to undergoing a significant upward movement very soon. Recent remarks from crypto analyst Javon Marks on the social media platform X go along with this optimism, with the analyst detailing the possibility for Dogecoin to replicate its previous exponential bull runs and reach the $20 price point in 2025.
Dogecoin Price History Points To Looming 305x RunJavon Marks’ analysis highlights the extraordinary performance of Dogecoin in its prior bull cycles. In his post, he noted that DOGE’s rallies have progressively grown larger with each cycle, showcasing the cryptocurrency’s ability to outperform market expectations. Marks pointed out that the 2017 bull market saw Dogecoin gain unprecedented traction, followed by an even more extraordinary performance in 2021.
This interesting analysis of the Dogecoin price is based on the 12-day candlestick chart, where Marks highlighted the meme coin’s price action since 2014. The first notable bull cycle, which took place in 2017, saw Dogecoin go on a 90x (9,404%) run that peaked at an all-time high of $0.01858. Similarly, the 2021 bull run, which was more pronounced in the broader crypto market, saw Dogecoin perform a 306x (30,693%) increase that peaked at its current all-time high of $0.736.
According to Marks, the current cycle presents an opportunity for Dogecoin to go on an even larger rally since returns have been bigger with each subsequent cycle. With this historical precedent, he argues that a similar or greater 306x run could push Dogecoin’s price past $20 by 2025. Although this price target is extremely bullish, it resonates with the outlooks of other analysts who have also based their technical analysis on Dogecoin’s movement in previous cycles.
Can Bulls Keep Up The Bullish Sentiment?At the time of writing, Dogecoin is down by 25% from its December open, making it the second worst-performing month in 2024 as it stands. While Dogecoin’s price has faced corrections for most of December, bullish sentiment remains strong among its community and analysts alike.
This bullish sentiment hinges on the prospect of a more crypto-favorable environment in 2025, specifically in the US. Should this fail to materialize, it could send the crypto market into another bear market, with Dogecoin caught up in the mix.
Realistically speaking, the trajectory to $20 would be very hard at this point, considering the amount of inflow it would take. It requires the alignment of several factors much more than the 2021 bull rally, including favorable market conditions, increased adoption, and retail and institutional interest.
At the time of writing, Dogecoin is trading at $0.321, down by 2% in the past 24 hours.
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