A known cryptocurrency analyst expressed his optimism about the possibility that the popular meme coin, Dogecoin, would reach the much awaited $1 per coin mark.
Market analyst Trader Tardigrade believes the $1 mark is still feasible for DOGE’s price upswing in four days after welcoming the new year, indicating that the meme coin has entered a bullish period.
$1 Per Coin Feasible
Tardigrade believes that reaching the much-anticipated $1 milestone for Dogecoin is reasonable as the popular meme coin now ventures into the so-called Distribution phase.
The market expert said that DOGE needs a 157% surge in its price to reach the coveted $1 level, adding that the price level is achievable soon as the meme coin follows the “Power of Three” pattern.
“$Doge $1 is a reasonable target in this pattern,” Trader Tardigrade said in a post.
Last year, Dogecoin achieved an impressive 252% price hike although towards the end, in December, it encountered bearish conditions that saw its price slide by 25%.
#Dogecoin daily candle closed.
It has just entered Distribution phase in the “Power of Three” (PO3) pattern$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 revealed that Dogecoin has arrived at the Distribution phase, one of the three phases under the Power of Three pattern.
The crypto analyst defined the Power of Three pattern as a structure with three phases that DOGE follows throughout its market cycle. The three phases are accumulation, manipulation, and distribution.
According to Tardigrade, the Accumulation Phase began after DOGE’s price increased significantly in November 2024, which can be linked to the cryptocurrency market’s upbeat outlook following Donald Trump’s victory in the US presidential election.
The crypto expert added that the meme coin went through steady price hikes and gained investor optimism during this phase.
The Accumulation phase ended on December 17, signaling the arrival of the Manipulation phase, wherein investors saw DOGE price took a dip.
Trader Tardigrade said that December had been a bearish period for DOGE, wherein its price went down and had a consolidation, adding that this phase continued until the end of 2024.
During this turbulent period, Dogecoin lost around 25% of its value. However, the market analyst said that the Manipulation phase was essential for the meme coin because it prepared DOGE for the next phase, the Distribution phase.
The Distribution phase began in the first four days of 2025 wherein the meme coin moved towards recovery by posting a 23.15% price increase in that four-day swing.
$1 Dogecoin Can Be Achieved
Trader Tardigrade clarified that DOGE would soar to the highly expected $1 per coin because of the favorable conditions in this phase.
A 157% price increase would push Dogecoin to $1 from its current price of $0.38961, according to the analyst, who also stated that the bullish forecast for the meme crypto is based on its past price swings.
A feat the crypto analyst predicted Dogecoin could achieve since November 2024, the meme coin successfully pulled off a 160% price surge. Therefore, a 157% increase seems realistic.
Featured image from Pixabay, chart from TradingView
