Dogecoin (DOGE) Continues Bullish Wave, Experts Divided Over How High It Could Climb

Dogecoin (DOGE) has been riding a bullish wave, capturing the attention of both investors and analysts alike. As the meme coin continues its ascent

Dogecoin (CRYPTO: DOGE) has been riding a bullish wave, capturing the attention of both investors and analysts alike.

As the meme coin continues its ascent, experts are divided over how high it could climb in the current market cycle, with some speculating on targets as high as $3, while others take a more cautious approach.

Recent Price Action

Dogecoin recently soared 24% as news of Donald Trump's likely return to the White House gained traction. The president-elect praised Elon Musk as a "super genius" at his victory rally and hinted at a new Department of Government Efficiency, potentially further connecting Musk to DOGE.

Musk, a vocal supporter of Trump, has also backed the Republican candidate with significant financial contributions and public endorsements.

Analyst Take I

Crypto analyst Kevin Capital offered a more conservative view, acknowledging Dogecoin's potential but suggesting a more realistic peak.

In a post on X (NYSE:X) (formerly Twitter), Capital pointed out that in previous market cycles, Dogecoin reached its "macro golden pocket" at the 1.618 Fibonacci extension level. For the current cycle, that level sits at $3.90.

However, Capital believes that's an unlikely target. He suggested that $1.80 is a more achievable peak, depending on Bitcoin's (CRYPTO: BTC) performance.

Despite this cautious outlook, Capital highlighted an upcoming "Golden Cross" on Dogecoin's weekly chart, a bullish technical indicator that hasn't appeared in four years.

If history repeats itself, DOGE could experience a brief cooldown followed by a parabolic rally in December 2024, extending into the spring of 2025. While Capital remains skeptical about a $3 rally, he does see potential for significant gains if Bitcoin's momentum continues to drive the market.

Analyst Take II

On the other hand, analyst Dima James sees even higher potential for Dogecoin. According to James, if DOGE closes above $0.18 on its weekly chart, it could trigger a parabolic rally similar to past bull runs.

In both the 2016 and 2021 cycles, Dogecoin saw gains of 8,000% and 18,000%, respectively, after crossing this threshold. James believes that a similar surge could push Dogecoin toward the $10 mark if adoption continues to increase and technological advancements fuel demand for the coin.

James pointed out that the green and red lines on the weekly chart, a historical indicator of momentum, are currently showing signs of crossing. This development suggests that Dogecoin is poised for another massive rally, potentially surpassing its previous all-time highs.

Chart Analysis: Key Levels To Watch

Currently trading at $0.2281, Dogecoin is bullish within a channel on the shorter time frame. Key resistance levels are at $0.2437 and $0.2570, should the bullish momentum persist.

However, the RSI is at 74, signaling overbought conditions, which could lead to a short-term pullback before the next leg up.

The 50-day EMA at $0.189 provides solid support, and a breakout above the $0.2192 pivot point strengthens the case for continued upward movement.