Dogecoin could exceed the $1 psychological mark if Bitcoin and Ethereum spike to $325,000 and $22,500, as projected by VanEck.

Crypto prices have soared tremendously since last month, with top assets like Bitcoin (BTC) and Ethereum (ETH) surging above $100,000 and $4,000, respectively. Although ETH has witnessed a pullback below the $4,000 mark, Bitcoin currently trades above $100,000.

Nonetheless, the premier crypto assets are preparing to clinch some audacious targets issued by top experts. Specifically, Matthew Sigel, Head of Digital Asset Research at VanEck, set a bullish price target of $325,000 for Bitcoin in June. Interestingly, he also projected that Ethereum will someday trade at $22,500.

Dogecoin Correlation with Bitcoin and Ethereum 

If VanEck’s prediction for Bitcoin and Ethereum comes true, other crypto assets like Dogecoin (DOGE) will also surge to unprecedented levels, given their correlation.

The price movements of Bitcoin and Ethereum usually determine the trajectory of other assets like Dogecoin. An increase in Bitcoin and Ethereum prices translates to a positive performance for DOGE and vice versa.

Data from IntoTheBlock shows that Dogecoin has a 97% correlation with Bitcoin over the past 30 days. Similarly, Dogecoin also boasts a strong correlation of 86% with Ethereum’s price action in the same timeframe.

Price of DOGE If VanEck Prediction for Bitcoin and Ethereum Materialize

Dogecoin’s strong correlation with Bitcoin and Ethereum over the past month means its price could soar tremendously if BTC clinches the $325,000 target and ETH hits the $22,500 level set by VanEck.

Achieving a target of $325,000 requires Bitcoin to soar by 219.86% from its current price of $101,604. Similarly, Ethereum must record a 476.48% rally to hit VanEck’s projected target of $22,500.

Meanwhile, we analyzed how much Dogecoin will be worth if it matches the average projected surge rate of VanEck’s forecast, which stands at 348.17%.

Applying this growth rate to Dogecoin’s current price of $0.3641 will see DOGE trade at $1.82, marking a new all-time high for the leading memecoin. This would potentially take Dogecoin’s market cap to $267.89 billion, surpassing Tether to become the third biggest crypto.

Potential Timeline for Dogecoin to Hit $1.82 

Interestingly, several market observers believe the $1.82 target is realistic for Dogecoin. According to experts at the crypto trading platform Changelly, Dogecoin will have reached its target by November 2031, seven years from now. 

However, top prediction platform Telegaon speculates that Dogecoin will hit the $1.82 target sooner, specifically in 2026, less than two years from now. 

Whether Dogecoin can soar to $1.82 within the next 2 – 7 years remains unclear. However, several factors, especially Elon Musk’s continuous endorsement and Dogecoin’s growing adoption for payment purposes, could pave the way for this surge. 

Cardano (ADA) faced a rough few years since the 2021 bull run. The asset struggled to breach the $1 mark and slipped out of the top 10 projects by market cap. Despite the sluggish few years, ADA made quite a recovery over the last few months. The asset breached the $1 mark for the first time since April 2022. This price prediction article will discuss how high ADA’s price could go over the coming weekend.

Also Read: Microsoft: Why MSFT Is Bound for $500 All-Time High in 2025

Cardano’s Current Price Movements

ADA has faced a significant price correction today. The asset is down 4.6% in the daily charts, 16.4% in the weekly charts, and 18.2% in the 14-day charts. The asset has maintained some gains in the monthly and yearly charts, rallying 29.8% and 59.9%, respectively.

The latest market correction could be due to the Federal Reserve announcing that 2025 will have only two interest rate cuts instead of three. The Fed also anticipates inflation in the US to stay for longer than expected. The Fed predicts inflation to hover between 2.1% to 2.5%. Inflation in the US may not fall under the Fed’s 2% target even by 2026.

Also Read: Cardano Up 77% in 2024 Amid Drop: What to Expect From ADA in January

Weekend Price Prediction

According to CoinCodex, ADA may continue to dip over the next few days. The platform anticipates the asset to trade at $0.96 on Sunday, Dec. 22, 2024. Hitting $0.96 from current price levels will entail a dip of about 1.03%.

Also Read: Amazon Stock Rises as AMZN Plans $10B AI Investment

Despite the bearish short-term outlook, CoinCodex anticipates ADA will pick up the pace by the end of the month. The platform expects ADA to reclaim the $1.30 mark by Jan. 19, 2025. The platform also predicts ADA to hit $2.55 on Feb. 10, 2025. Hitting $2.55 from current price levels will translate to a rally of about 162.89%.

XRP’s price is currently trading between two key levels: strong support around $2 and resistance between $2.90 and $3. This $3 level has been a tough barrier for XRP, and the price hasn’t yet broken down the overall bullish trend, despite some short-term pullbacks. Right now, XRP is in a sideways consolidation phase, and it appears to be staying within this range for the time being.

Key Fibonacci Levels

The key Fibonacci levels have been met, but there could still be a small dip before any further upward movement. The price has maintained an overall bullish trend, with the possibility that the price bottomed around $1.90 in 2020, and we’re now seeing an upward movement that could continue.

Bullish Flag Breakout

According to analyst Josh of Crypto World, XRP recently broke out from a bullish flag pattern, signaling short-term upward movement. Even with a small pullback, the price is still above the breakout point, meaning those who entered the trade are still in profit. The price target for this breakout is around $3.80, which suggests a potential 47-48% increase from current levels.

Resistance Levels to Watch

However, resistance levels remain important. If XRP hits the $2.90-$3 range, it could struggle to move higher. Therefore, while the bullish target is in play, other factors need to be considered.

Short-Term Support and Resistance

XRP is bouncing from short-term support around $2.50. If it falls below this level, the next support is around $2.38. The analyst said that a drop below $2.38 would invalidate the current bullish outlook. It is important to note that at the time of writing, XRP is trading at $2.36 level. Short-term resistance to watch includes levels around $2.70, $2.78, and $2.85. If XRP breaks these levels, it could face more resistance near $2.90-$3.

Conclusion

Overall, XRP is still stuck in its current price range, with no clear breakout yet. The price is likely consolidating before making another move upward, but we should wait for the market to stabilize before making any conclusions, especially after the recent Fed decision.

The recent XRP price action has been highlighted by another notable surge that saw it reaching just above $2.7 briefly again after a 9% surge on December 17. Although the XRP price was rejected immediately after reaching this level, it continues to exhibit bullish momentum on the daily timeframe chart. Interestingly, popular crypto analyst and XRP advocate Dark Defender recently shared his insights on X, highlighting key price levels that could pave the way for an XRP price surge to $5.85.

Breakout Confirmed As XRP Price Hits $2.72

Dark Defender, known for his consistent bullish stance on XRP even during its prolonged bearish phase, pointed out the significance of the $2.72 price level, which has acted as a support and bounce point. In a recent price outlook, he noted that XRP has been so far following his predicted trajectory, citing the achievement of a $2.72 target he shared two days prior. This validation further strengthens his confidence in the token’s current trajectory.

The significance of $2.72 becomes clearer in light of XRP’s breakout on December 15 from a downward-sloping resistance trendline that has been in play since December 3 on the 4-hour chart. Following this breakout, the XRP price rallied to touch $2.72 before facing rejection and started a short-term decline that brings into focus other critical support levels to keep an eye on.

With this in mind, Dark Defender’s new technical analysis points to $2.42 and $2.52 as the next two notable support levels to watch. Should the price breach the $2.52 level, $2.42 is expected to act as the most crucial bounce point just above the downward sloping resistance trendline that could reignite bullish momentum. A rebound from $2.42 would, in the analyst’s view, set the stage for another upward surge towards higher resistance levels. 

Projected Rise To $5.85: Key Price Levels To Watch

The next stages in XRP’s ascent, according to Dark Defender, lie in overcoming pivotal resistance levels. The first step would be to break above $2.72 and retest its current 2024 high of $2.92. A successful break above $2.92 would open up XRP to new price highs in over six years.

Should the XRP price successfully break through the $2.92 mark, the analyst predicts a sure climb toward $3.43 as an intermediate target, which is its current all-time high price that has stood for over seven years. From there, Dark Defender predicted continued bullish momentum that would drive the token to a long-term target of $5.85. 

At the time of writing, XRP is trading at $2.51 with a market cap of $144 billion. Reaching $5.85 would translate to a 133% increase in price and a market cap of $351 billion.

Featured image created with Dall.E, chart from Tradingview.com