NewsBTC
5 January 2025
0 0

Dogecoin Analyst Predicts $1 Price Target Based on Market Patterns

A cryptocurrency analyst expressed optimism regarding Dogecoin's potential to reach $1 per coin. Market analyst Trader Tardigrade believes this target is achievable within four days of the new year, indicating a bullish trend for the meme coin.

$1 Per Coin Feasible

Tardigrade asserts that reaching the $1 milestone for Dogecoin is reasonable as it enters the Distribution phase. He noted that DOGE requires a 157% price increase to reach $1, which he believes is attainable due to the "Power of Three" pattern.

Last year, Dogecoin experienced a 252% price increase but faced a 25% decline in December.

Power Of Three Pattern

Tardigrade explained that Dogecoin is currently in the Distribution phase, part of the Power of Three pattern, which consists of accumulation, manipulation, and distribution phases. The Accumulation Phase began after a significant price rise in November 2024, linked to positive market sentiment following Donald Trump’s presidential election victory.

During the Accumulation phase, Dogecoin saw steady price increases and heightened investor confidence. This phase ended on December 17, marking the start of the Manipulation phase, where prices declined before stabilizing through December.

In December, Dogecoin lost approximately 25% of its value, but this phase was necessary for transitioning to the Distribution phase. The Distribution phase began in early January 2025, resulting in a 23.15% price increase over four days.

$1 Dogecoin Can Be Achieved

Tardigrade clarified that favorable conditions in the Distribution phase could enable DOGE to reach $1. A 157% price increase would elevate Dogecoin from its current price of $0.38961 to $1. His bullish forecast is supported by past performance, including a 160% surge since November 2024, making the $1 target realistic.

Featured image from Pixabay, chart from TradingView