Dogecoin (DOGE) is once again making headlines. The asset has grown by 443% over the past year, making it one of the best performing cryptocurrencies. The OG meme coin has seen an increase of almost 200% in the last month alone. In this context, investors expected the asset to close the year on a good note.
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Dogecoin recovers $0.40
The largest meme coin saw a slight pullback last week. The asset, after reaching a high of $0.43, fell below $0.40. According to data from CoinMarketCap, the asset increased by 5% in the last 24 hours. At press time, DOGE was trading at $0.4032.
While the community waits for the asset to reach the coveted $1, DOGE is still quite behind schedule. The meme coin is 45% below its all-time high of $0.737. The asset reached this high around four years ago in 2021. The market hopes that DOGE will reach this level before the end of the year.
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End of year price forecast
There are several expectations regarding the price of the meme coin. It appears that the asset’s hot streak will be broken. According to data from CoinCodex, DOGE will trade at a high of $0.373578 during the last month of 2024. The maximum price at which Dogecoin will be valued is $0.36959. Additionally, the lowest level the meme coin will trade at is $0.36768.
Amidst this, several analysts have suggested that Dogecoin could reach a much higher level. Ali Martinez, in particular, had bigger expectations for the coming year. Given past historic runs, Martinez predicts that DOGE will close between $2.40 and $18 next year if it follows the upper and lower trajectories of its historical price action.
DOGE âtends to peak around the 1.618 and 2.272 Fibonacci retracement levels,â he adds, in this case giving an upper target of $23.26.
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