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Trader Tardigrade, a notable market analyst, believes the Dogecoin to $1 target is reasonable as DOGE enters the distribution phase of his PO3 pattern.
The market commentator disclosed this in his latest update on Dogecoin’s price movements today. For context, despite closing last year, 2024, with an impressive 252% increase, DOGE witnessed bearish turbulence in December 2024, ending the month with a 25% drop.
Dogecoin PO3 Phases
During the bearish December period, Tardigrade called attention to what he called the Power of Three (PO3) pattern on the daily chart, as reported by The Crypto Basic. Notably, the chart structure features three different phases: Accumulation, Manipulation and Distribution.
According to Tardigrade, Dogecoin entered the Accumulation phase when it witnessed an impressive price upswing on the back of President-elect Donald Trump’s win in the November 2024 election.
This Accumulation phase endured until Dec. 17, 2024, when DOGE witnessed a pullback. The pullback led to the bearish December period, leading to the Manipulation phase. Tardigrade’s chart indicates that the Manipulation phase, which featured price declines and consolidation, lasted until the end of the year, 2024.
Interestingly, Dogecoin witnessed an impressive price recovery on the back of a market-wide upswing as the new year, 2025, took form. The meme coin is already up 23.15% with just four days into the new year. Tardigrade confirmed that this rebound has catapulted Dogecoin into the bullish Distribution phase.
Dogecoin to $1
In his latest analysis, the market watcher contended that the Dogecoin to $1 price goal is reasonable, as the meme coin navigates the Distribution phase. According to him, this phase would likely push Dogecoin to $1, representing a 157% increase from current prices. This is lower than the 160% spike Dogecoin recorded in November 2024.
#Dogecoin daily candle closed.
It has just entered Distribution phase in the "Power of Three" (PO3) pattern 🔥$Doge $1 is a reasonable target in this pattern 🚀 pic.twitter.com/AoVdmTnwOl— Trader Tardigrade (@TATrader_Alan) January 4, 2025
Notably, several analysts have echoed the Dogecoin to $1 target over the past few months. Market watcher Trading Jesus predicted this price mark in November 2024, identifying relevant support and resistance levels on the meme coin’s path.
Also, Market veteran Ali Martinez stressed in a previous report that Dogecoin was already looking to break out again following the recent pullback, eyeing the $1 mark. Interestingly, Galaxy Research further predicted a Dogecoin to $1 target for 2025.
Meanwhile, as the rebound takes form in the new year, analyst Javon Marks highlighted in a recent report that Dogecoin is now showing strength. He expects the meme coin to first hit an initial target of $0.6533 before eventually spiking above $1 to $1.20.
$DOGE (Dogecoin) is back showing MAJOR STRENGTH and can be getting ready to finish a run to its original target @ $0.6533 with another +75% increase but prices look to have enough strength behind them to break above!
With a break above, prices could push $1.20+, which is… https://t.co/HlByhSvHEC pic.twitter.com/k3vvE9MiFB
— JAVON⚡️MARKS (@JavonTM1) January 3, 2025
In addition, another market commentator Crypto Poseidon is equally bullish. He noted yesterday that Dogecoin has now begun the second leg up, which is expected to be larger than the initial run. At press time, Dogecoin trades for $0.3878, up 15% in the last 24 hours.