Price Analysis

How High Can Dogecoin Price Go in December?

Explore why Dogecoin price has more than doubled this month and what to expect in December as the crypto rally continues
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How High Can Dogecoin Price Go in December?

Highlights

  • Dogecoin price jumped by over 150% in November as the momentum accelerated.
  • Analysts believe that the DOGE coin could jump to $1 in December.
  • Technicals point to more upside if it crosses $0.50.

Dogecoin has more than doubled in November, making it one of the best-performing meme coins. This momentum coincides with the ongoing Bitcoin-led crypto rally. In altcoin, meme coin sector has taken the charge. As a result, this article explore how high Dogecoin price could go in December.

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Dogecoin Price Could be Preparing Big Moves in December

Dogecoin is on track to have its first weekly close in the red since October, evidence of how dominant its bull run has been. Such a retracement is normal even in the biggest bull runs in the market.

Ali Martinez, a popular crypto pundit noted that the coin was about to have a strong bullish breakout. He estimates that the coin will jump to $0.82, which would imply a 85% surge from the current level. 

Other analysts are more optimistic since DOGE price pullback happened as it neared the important resistance level at $0.50. This is similar to Bitcoin, which pulled back recently as it approached the psychological point of $100,000. 

As such, if it finally breaks $0.5, there are odds that it will then soar to $1 as most analysts expect. In a recent note, Trader Tardigrade estimated that the coin will then jump to between $5 and $10 if it manages to cross $1.

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Dogecoin Technical Analysis: Is DOGE Ripe For A Strong Breakout?

The weekly chart shows that the value of DOGE remained in a tight range between $0.1 and $0.22 for about three years. In most cases, such a move is usually a sign that a slow accumulation is going on, which results into a strong bullish breakout. 

This breakout happened this month as the coin jumped above the key resistance at $0.2265, its highest level in March this year. It has moved slightly above the ultimate resistance of the Murrey Math Lines, a sign that it has momentum.

Also, the coin has jumped above the 50-week and 100-week moving averages, signaling that bulls are in control. There are also signs that the Dogecoin price is slowly forming either a bullish flag or a pennant. 

Dogecoin price chart

Therefore, a strong breakout above this month’s high of $0.49 will increase the odds of the coin soaring to $1 in December. The coin needs to rise by about 145% from the current level, which is possible since it rallied by 155% this month.

The positive Dogecoin price forecast will become invalid if the DOGE price falls below the support at $0.30, which is the strong pivot and release level of the Murrey Math Lines. If it happens, there is a likelihood that the coin will drop and retest the support at $0.2265.

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Frequently Asked Questions

How high will DOGE price get in December 2024?

The most likely scenario is where the price of Dogecoin jumps to $1 in December. This forecast will happen if the coin jumps above the key resistance at $0.50.

How low can Dogecoin fall in December?

The alternate scenario is where the coin drops to $0.2265, the highest point in March this year, and the upper side of the cup and handle pattern.

What is the next catalyst for DOGE?

The most likely catalyst for the Dogecoin price is the ongoing crypto bull run and its strong technicals.
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crispus

Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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