NAIROBI (CoinChapter.com)— Analyst Javon Marks has predicted a potential 600% rally for Dogecoin (DOGE), estimating the token could surge to $2.28 based on historical price patterns. Marks highlighted recurring cycles in Dogecoin’s market behavior, suggesting the cryptocurrency remains poised for a bullish breakout despite recent market turbulence.
Historical Patterns Suggest $2.28 Target
Marks identified three distinct phases in Dogecoin’s historical market cycles: accumulation, breakout, price surge, and correction. Using these patterns, he projected that DOGE could exceed a 600% rally, aligning with the 1.618 Fibonacci extension level, which supports a $2.28 price target.
In a January analysis, Marks suggested a minimum potential gain of 432%, placing Dogecoin’s price near $2.29 if past trends repeat.
Another analyst, Balo, underscored the importance of the 20-week exponential moving average (EMA) as a critical support level during prior bull runs. He noted that Dogecoin historically remained above the 0.618 Fibonacci retracement level once surpassed, suggesting the current positioning above these key metrics could fuel further upside.
Whale Accumulation Hits New Highs
Recent data shows increased activity among large Dogecoin holders, or “whales.” Over the past 90 days, whale inflows into Dogecoin wallets surged by an extraordinary 3,722.46%. This trend reflects growing interest from high-net-worth investors despite the token’s volatile price movements.
Dogecoin Large Holders Inflow. Source: IntoTheBlock
In the past seven days alone, inflows rose by 5.33%, signaling a moderate weekly uptick. Analysts often view whale accumulation as a bullish signal, as reduced circulating supply can create upward pressure on price.
Bullish Sentiment Surrounds DOGE ETF Filing and Musk Connections
Market optimism around Dogecoin has also been bolstered by speculation of a Dogecoin exchange-traded fund (ETF). Bitwise, Rex, and Osprey recently filed applications with the U.S. Securities and Exchange Commission (SEC) to launch DOGE-focused ETFs.
The approval of such an ETF could introduce broader institutional interest, driving demand and potentially pushing the token’s price toward the $1 mark in the near term.
Additionally, Dogecoin’s association with Tesla CEO Elon Musk continues to drive bullish sentiment. Musk’s role in the Department of Government Efficiency (D.O.G.E.) has fueled expectations that Dogecoin could gain more utility, particularly through integration into platforms like X Payments. This development has heightened market anticipation, with some projections suggesting a $1.05 price by March 2025.
Can DOGE Hit $1 in 2025?
Dogecoin (DOGE) is trading at $0.32568, down 2.44% in the past 24 hours. The price is moving within a descending wedge, a pattern that often leads to breakouts. Key support sits at $0.31142, and a drop below this level could send DOGE to $0.26343, a major Fibonacci retracement level.
DOGE/USD 1-day price chart. Source: TradingView
To regain momentum, DOGE must clear $0.37271 and $0.39850, which align with key Fibonacci levels. A breakout past $0.48199 could push DOGE toward $0.61707, with a projected rally of 232.75%, possibly reaching $1.05. CoinCodex predicts DOGE could hit this target by March, marking a 193.98% gain.
The RSI at 41.65 suggests DOGE is nearing oversold levels, which could lead to a rebound. Short-term forecasts put DOGE at $0.3541, with stronger moves expected later in January. However, price action will depend on broader market trends, whale activity, and sentiment shifts.
