A well-known cryptocurrency analyst has recently voiced optimism about the prospect of Dogecoin, the popular meme coin, reaching the much-anticipated $1 per coin mark. Market analyst Trader Tardigrade suggests that such a price surge could be feasible just four days after the new year, indicating that Dogecoin has entered a bullish period.
$1 Per Coin Feasible
Tardigrade believes reaching the coveted $1 milestone for Dogecoin is reasonable, as the meme coin ventures into the so-called Distribution phase. According to the analyst, a 157% surge in price is needed to reach this desired $1 level. He points out that this price increase is achievable, especially as the coin follows what he describes as the “Power of Three” pattern. Tardigrade asserted, “$Doge $1 is a reasonable target in this pattern.”
Last year, Dogecoin experienced an impressive 252% price increase, although it faced bearish conditions by December, resulting in a 25% decline in value.
#Dogecoin daily candle closed. It has just entered 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
Power Of Three Pattern
Tardigrade elaborated that Dogecoin has entered the Distribution phase, one of three phases under the Power of Three pattern. He defined this pattern as consisting of three distinct phases that DOGE follows throughout its market cycle: accumulation, manipulation, and distribution.
The Accumulation Phase commenced after a significant price increase in November 2024, partly attributable to an overall positive outlook in the cryptocurrency market following Donald Trump’s presidential victory. Throughout this phase, Dogecoin saw steady price increases that bolstered investor confidence. However, this enthusiasm faded as the Accumulation phase concluded on December 17, leading to the Manipulation phase characterized by a drop in DOGE’s price.
During December, a bearish trend significantly impacted Dogecoin, resulting in a roughly 25% loss of value. While this Manipulation phase proved challenging for investors, Tardigrade emphasized its importance in preparing DOGE for the subsequent Distribution phase.
As the new year commenced, the Distribution phase began, marking a notable recovery for the meme coin, which recorded a 23.15% price increase within the initial four days of 2025.
$1 Dogecoin Can Be Achieved
In their analysis, Trader Tardigrade confidently asserted that Dogecoin could indeed skyrocket to the much-anticipated $1 due to the favorable conditions present in the current Distribution phase. The analyst estimates that a 157% price increase would elevate Dogecoin from its current value of $0.38961 to $1.
Highlighting Dogecoin’s past price movements, Tardigrade referenced the coin’s remarkable 160% price surge that occurred since November 2024, suggesting that a further increase of 157% is decidedly achievable.
Featured image from Pixabay, chart from TradingView
