An established cryptocurrency expert shared his positive outlook regarding the potential for Dogecoin, a popular meme coin, to reach the coveted $1 mark.
Trader Tardigrade, a market analyst, remains optimistic about the possibility of DOGE’s price hitting $1 in the coming days, signaling a bullish phase for the meme coin at the start of the new year.
Potential for $1 Price Tag
Tardigrade suggests that achieving the awaited $1 milestone for Dogecoin is within reach as the meme coin enters a phase known as Distribution.
According to the expert, DOGE needs to experience a 157% surge in its value to reach the coveted $1 level, which is deemed achievable as the coin follows a pattern referred to as the “Power of Three.”
“$Doge $1 is a feasible target in this market pattern,” stated Trader Tardigrade in a recent post.
Despite facing a 25% decline in its price at the year’s end, Dogecoin saw a remarkable 252% increase throughout the previous year.
#Dogecoin daily candle closed.
It has just entered the Distribution phase in the “Power of Three” (PO3) pattern$Doge $1 is a reasonable target in this pattern
pic.twitter.com/AoVdmTnwOl
— Trader Tardigrade (@TATrader_Alan) January 4, 2025
Understanding the Power of Three Pattern
Tardigrade explains that Dogecoin has progress into the Distribution phase, one of three distinct phases under the Power of Three pattern.
This pattern consists of three phases – accumulation, manipulation, and distribution, marking key points in DOGE’s market cycle.
Following a notable price surge in November 2024, linked to positive sentiment in the cryptocurrency market post-US presidential election, DOGE began the Accumulation Phase.
Transitioning to the Manipulation Phase in mid-December, Dogecoin experienced a period of decline and consolidation.
Despite a turbulent end to 2024, with a 25% loss in value, the Manipulation Phase set the stage for the current Distribution Phase, which started with a 23.15% price uptick in early 2025.
Reaching the $1 Goal
Tardigrade firmly believes that Dogecoin’s price will surge to $1 due to the favorable conditions observed during the Distribution phase.
With a 157% increase required to reach the $1 mark from the current $0.38961 price, the expert remains confident in the meme crypto’s bullish potential based on past performance.
Having witnessed a 160% surge since November 2024, achieving a 157% increase seems plausible for Dogecoin, aligning with its historical trends.
Featured image from Pixabay, chart from TradingView
