Dogecoin is one of the most trending tokens in the current cryptocurrency market, attracting significant volume and attention recently. Its close association with Tesla chief Elon Musk makes it special in a plethora of new ways. Will Doge be able to claim a new high around Christmas 2024? Let’s find out.
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Dogecoin’s Parabolic Run
Dogecoin is currently one of the most hyped crypto tokens, primarily due to Elon Musk and the fact that the token has inspired Musk’s Department of Government Efficiency, or DOGE department, to monitor government spending habits. At the same time, the token is attracting significant momentum as Bitcoin progresses upwards, all while charting its own path and momentum.
The current bullish phase of the market is quite appealing for Doge, as the momentum is favoring the token to claim new highs. Per Ali Martinez, a notable crypto analyst, Dogecoin is currently a whale-favorite token, with most crypto whales showing interest in the token. Per Ali, nearly $140 million worth of Dogecoin was bought by DOGE whales as of late in mid-November, followed by the token charting its path to enter into a parabolic zone.
Per the analyst, Doge had already entered this zone back in November 2024 and is now gaining momentum, strengthening further to claim a new high very soon. Ali mentions how the current Doge dip is temporary and is enabling him and other users to explore the dip to the fullest.
The notable expert later mentioned how Doge has the potential to claim the ambitious $3 price mark if the market momentum allows.
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“Check out where we are in the #Dogecoin $DOGE bull cycle! Very early, right? For that reason, I’m thankful for the dip and will buy more between $0.40 and $0.30. The target remains $3, and if things go wild, $18!”
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Will The Token Claim A New High Near Christmas 2024?
Investors are hoping that the current festive spirit may help the altcoin market gain significant ground during the time of Christmas 2024. For Dogecoin, CoinCodex predicts that the token may hit a stable price ground of $0.38 by December 25, 2024.
Similarly, the token may note a few price dips by the end of the year, only to gain ground in early February and March 2025.
“According to our current Dogecoin price prediction, the price of Dogecoin is predicted to drop by -6.20% and reach $0.381543 by January 9, 2025. Per our technical indicators, the current sentiment is bullish while the Fear & Greed Index is showing 78 (extreme greed). Dogecoin recorded 19/30 (63%) green days with 10.75% price volatility over the last 30 days. Based on the Dogecoin forecast, it’s now a good time to buy Dogecoin.”
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