thecryptobasic.com
As Dogecoin (DOGE) experiences a notable resurgence, analysts are weighing in on how soon it could reach an all-time high in the double-digit range.
Today, Dogecoin is trading up by 3% after making a notable attempt to reclaim the $0.34 threshold. Last Friday, Dogecoin plummeted to $0.2644. Considering its current market value of $0.3315, the meme coin has rebounded by 25.4% from last week’s low.
With this impressive price action, market watchers are becoming increasingly optimistic about an all-time-high rally.
Dogecoin Following PO3 Schematic
In a tweet, analyst Tardigrade pointed out that Dogecoin is aligning with what he calls the “Power of Three (PO3)” pattern. Specifically, these are Dogecoin’s accumulation, manipulation, and distribution phases.
The accumulation phase is where the price consolidates, with Dogecoin experiencing steady movement within a range. This phase occurred from mid-November to mid-December after dramatic price swings in the first week of November.
As for the manipulation phase, which involves a sudden move intended to trap traders, Dogecoin recently entered this phase, specifically last week. This was the crash to $0.264 on December 20 before the rebound.
Now, Tardigrade suggests Dogecoin is undergoing a distribution phase, where the price could rise rapidly, potentially reaching new all-time highs.
According to the schematic and analysis, Dogecoin could see a strong upward trend targeting prices beyond $1 or higher, as depicted in the green section of the accompanying chart.
Notably, this would mark a new history for the meme coin, which peaked at around $0.73 in the last cycle. Tardigrade expects the $1 price point to materialize in the short term, especially in the next dramatic uptrend phase.
In the more extended phase, this analyst has speculated on prices as high as $30 for Dogecoin. For context, this price point would equate to a $4 trillion market cap for Dogecoin, a highly speculative outlook.
Dogecoin to Reach $37 by May 2025
Despite the speculative nature of this target, bold predictions for Dogecoin are widespread in the crypto community. Analysts BALO even argued that Dogecoin could peak at $37 in a separate commentary. He suggested that Dogecoin’s peak for this cycle could materialize by May 2025, citing correlation in historical patterns.
Notably, some have contested this view, with a critic pointing out that such ambitious calls often lead to people losing money in crypto as they wait for lofty targets when they should take profits.
Undeterred, Balo responded that doubters could sell their Dogecoin in the $4 price range if they feel that is its peak.
then sell at $4 or right now at $0.33 if u feel that way
i would post updates if my opinion changed at that point but it’s not my responsibility if someone doesn’t take profits after more than a 10x lol
— ₿ A L O (@btcbalo) December 24, 2024