Dogecoin Reaches 3-Year High with 236% Monthly Increase

Dogecoin (DOGE), one of the most popular meme-based cryptocurrencies, reached its highest level in three years at $0.48 on November 23. This marks a 27% increase over the past week and a 236% increase over the previous month. The price surge has propelled this meme coin to the third position on the list of most traded cryptocurrencies, with a trading volume of approximately $19.5 billion in the past 24 hours. Elon Musk sparks speculation The recent increase has been driven by a 27% rise earlier in the week, bringing the price of DOGE to near the last trading level in 2021. Speculation surrounding the social media platform X, related to Elon Musk, seems to be the main factor influencing this significant increase. The buzz started when Musk shared a screenshot of Joe Rogan's X profile with a new dollar sign icon. This icon is different from the platform's snake money feature, leading many to speculate that it could mean X Payments is coming soon.

DOGE price target Analyst Javon Marks focuses on breaking through the $0.43 level as a key indicator. He also uses technical analysis, employing RSI and 50-day EMA, to support the idea that the price is expected to increase further. Marks has also set an initial price target range from $0.65 to $1.25 for DOGE.

Similarly, the Tardigrade chart pattern analyst also believes that a $1 price for DOGE is 'inevitable'. He also notes the formation of a 'flagpole', which is a pattern that often precedes a strong upward movement. As of the time of reporting, DOGE is trading at $0.4741, indicating a 20.21% increase in the past day. If DOGE rises above $0.73, experts predict the price will increase to $1 by the end of Q1 2025. DOGE's monthly chart action aligns with the Fibonacci pattern. According to this Fibonacci analysis, DOGE's next main target could be in the range of $2.90 to $3.60.

This is happening at a time when there is much speculation about DOGE and its potential integration into Musk's evolving digital landscape. With DOGE currently at its highest level in three years, the future of this currency seems bright. Investors are closely watching the memecoin as it develops and they are waiting to see how the price will increase next.