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- A crypto analyst has listed multiple factors that could propel Dogecoin to trade between $0.5 and $2 in 2024.
- According to him, the X integration and the possible spot Bitcoin ETF could play a crucial role in its movement.
Dogecoin (DOGE) the biggest meme coin by market cap, is expected to break another crucial resistance level in an attempt to set a new all-time high. Its future was recently discussed by a renowned analyst identified as Kriss Pax. According to him, there is a positive pattern in the charts of the meme coin, suggesting a rally next week.
In his submission, Pax acknowledged that most of the altcoins including Dogecoin “draw their energy” from Bitcoin. Pax referred to the recent market rally that saw Dogecoin and Ethereum climbing up the price curve. That rally took Bitcoin to $45k. According to him, several projects could influence the Bitcoin price positively and could have a trickle-down effect on Dogecoin. This year, the anticipation around the spot Bitcoin ETF, the expected Bitcoin halving event, and a possible interest rate cut by the Federal Reserves could set the market up for a bullish run.
As of press time, Dogecoin had recorded a massive decline of 10% to trade at $0.082855. Its market sentiment had flipped from bullish to bearish with a score of 42/100. In the past seven days, Dogecoin has declined by 11% according to market data. However, things are expected to change in the coming days.
More on the Dogecoin Price Analysis
According to Pax, Doge’s four-hour chart shows the formation of a wedge shape with the asset touching above and outside of the wedge and moving back in. To him, this is an indication of a potential breakout.
The analyst also admits that there could be dips along the way with the first one expected to come after January 10. Pax believes that there could be a letdown, and the decision taken on the spot Bitcoin ETFs could go either way. He also predicts that the Bitcoin price could finish 2024 within the range of $60k to $100k. This could drag Dogecoin along.
The meme coin would also have its fair share of factors pushing the price up the curve including celebrity endorsements, and integrations as payment methods. On top of that, technical analysis and on-chain activities as well as growing user engagements support an upward surge.
He also disclosed that Dogecoin has experienced two major surges since its inception with the first one coming in 2017. The second one came in 2021. All of these came after the Bitcoin halving event. In a four-year cycle of bull runs, the next major surge is expected to happen in 2025. However, Pax has observed that Bitcoin’s run has occurred sooner. This implies that Dogecoin could also make a big move this year instead of next year.
The analyst believes that Dogecoin could be integrated into the X platform as a payment method. This is expected to be the game-changer for the asset as Dogecoin could be set up to breach its all-time high price. According to him, the meme coin could rise to between $1.5 to $2 when this happens. When the X integration does not happen, he expects the asset to reach $0.2.
