Analyst Predicts Dogecoin Price Could Rise to $3 in Current Cycle
Crypto analyst KrissPax predicts that Dogecoin's price may reach $3 in this market cycle, utilizing a logarithmic scale for analysis.
Dogecoin Price To Reach $3
In an X post, KrissPax outlined a potential path for Dogecoin to achieve a $3 target, referencing a chart that connects the monthly peaks of 2017 and 2021. The chart illustrates diminishing returns with increased market cap. He indicated that reaching $1 is the first step toward the $3 target, expressing confidence in this projection.
Analyst Trader Tardigrade supports this view, suggesting that a rally to $1 could occur soon, triggering a move toward $3. His analysis indicates that Dogecoin's Relative Strength Index (RSI) has recently rebounded from oversold conditions on a 4-hour chart, which previously resulted in price increases of 40% and 200%.
Tardigrade noted an increase in pump intensity, suggesting the possibility of prices exceeding 200% and climbing above $1.15. He also predicted a potential rise to $3.52, citing historical patterns of Dogecoin doubling from previous local tops.
Additionally, some analysts believe that the $3 mark may not be the peak for this cycle. Another analyst, referenced as Philip, forecasts a more conservative target of at least $5 based on past performance cycles.
Anything Above $5 Is Unrealistic
Conversely, analyst Master Kenobi argues that projections for Dogecoin prices above $5 are unrealistic due to market cap implications. He cautioned investors against expecting such targets, warning of the risk of holding onto investments for extended periods without substantial returns. Master Kenobi believes a realistic price range for Dogecoin in this cycle is between $1 and $2, drawing parallels to Bitcoin's previous rallies.
As of now, Dogecoin trades around $0.4, reflecting a recent increase within the last 24 hours according to CoinMarketCap.
