thecryptobasic.com
Investors could witness yields of up to $1 million if the ongoing Dogecoin rally allows the meme coin to reach price targets above the dollar mark.
The market is facing a slowdown to the current uptrend, with several assets facing major pullbacks. Dogecoin (DOGE) has not escaped the bearish pressure, currently down to $0.39 from the Highs of $0.47 on 23rd November.
Dogecoin Shows Potential Despite Current Pullback
Despite this retracement, Dogecoin still trades above $0.39 at press time, an 18-month high. The meme coin has demonstrated resilience against the bears, firmly maintaining the $0.40 support, as it aims to leverage this level as a springboard for the next rally.
Market analysts such as Ali Martinez had warned that the current market trajectory would also feature major corrections on the path to substantial price growth. Earlier in the month, Martinez warned of an impending correction after identifying sell signals across multiple timeframes.
However, shortly after, as DOGE witnessed its first major retracement to the ongoing rally, Martinez emphasized that the uptrend was still in place. Citing historical data, the analyst stressed that such pullbacks in previous cycles resulted in upsurges of 9,470% and 30,700%.
Dogecoin Predicted to Hit $5 and $10
Notably, several market watchers expect Dogecoin to breach the $1 level in this bull run, a milestone that XRP and Cardano (ADA) have already reached. In January, before the latest upsurge, analyst Crypto Patel asserted that DOGE could not only surpass $1 but also rise to $5.
Meanwhile, Martinez also believes Dogecoin has the potential to breach $1, recently forecasting a rally to $2.4 or $18. Nonetheless, in a previous report last month, the analyst expressed confidence that DOGE was on track to claim a $10 price.
The ambitious $5 and $10 price targets have captured the attention of Dogecoin holders, which have increased over the past month amid the ongoing rally. For context, IntoTheBlock data confirms that investors holding DOGE for less than a month have spiked 109.96% in the last 30 days to 224,950.
How Much Needed to Make $1M if DOGE Hits $5 or $10
These investors all have varying targets for their Dogecoin investments, with some anticipating returns of $1 million. This investment goal could materialize at a Dogecoin price of $5 or $10, depending on the initial capital invested.
At the $5 price, an investor would need to hold 200,000 DOGE tokens to sit on $1 million. Such an investor could procure these 200,000 tokens for $84,760 at the current price.
Further, those with greater optimism for Dogecoin’s potential could ride the wave to the $10 price target initially forecasted by Martinez. If DOGE hits the $10 level, those holding just 100,000 DOGE will boast $1 million investments. The 100,000 tokens are currently worth $42,380 at the prevailing price.
However, while such returns can be enticing, it is important to note that there is no guarantee Dogecoin will reach any of these price targets. While the meme coin shows potential, the extent of its growth will depend on several market factors, primarily demand.