A prominent cryptocurrency analyst has expressed optimism about the popular meme coin Dogecoin reaching the long-awaited price of $1 per coin.
Market analyst Trader Tardigrade believes that the $1 threshold could still help the price of DOGE increase in the four days following the New Year, suggesting that this meme coin has entered a bullish phase.
$1 Per Coin Feasible
Tardigrade believes that achieving the long-awaited milestone of $1 for Dogecoin is reasonable as this popular meme coin is now entering a phase known as Distribution.
The market expert stated that DOGE needs to increase by 157% to reach the desirable price of $1, adding that this price could be achieved soon as this meme coin follows the "Power of Three" model.
Trader Tardigrade stated in the post that: "$Doge $1 is a reasonable target in this model".
Last year, Dogecoin experienced an impressive price increase of 252%, although by the end of December, the coin faced a downturn that caused its price to drop by 25%.
Power of Three Model
Tardigrade reveals that Dogecoin has reached the Distribution phase, one of the three stages according to the Power of Three model.
The cryptocurrency analyst defines the Power of Three model as a structure with three stages that DOGE follows throughout its market cycle. The three stages are accumulation, manipulation, and distribution.
According to Tardigrade, the Accumulation Phase begins after the price of DOGE significantly increases in November 2024, which may be linked to the optimistic outlook of the cryptocurrency market following Donald Trump's victory in the US presidential election.
The cryptocurrency expert further stated that this meme coin has steadily increased in price and created optimism among investors during this phase.
The accumulation phase ends on December 17, signaling the onset of the manipulation phase, during which investors witness the price of DOGE decline.
Trader Tardigrade stated that December is a bearish phase for DOGE, as the price of this coin declines and experiences correction, also noting that this phase will continue until the end of 2024.
In this chaotic phase, Dogecoin lost about 25% of its value. However, the market analyst stated that the Manipulation Phase is necessary for the meme coin as it prepares DOGE for the next phase, the Distribution phase.
The distribution phase begins in the first four days of 2025, during which this meme coin aims for recovery by increasing by 23.15% in those four volatile days.
Achievable $1 Dogecoin
Trader Tardigrade clarified that DOGE is set to soar to the expected price of $1 per coin due to favorable conditions in this phase.
According to the analyst, a price increase of 157% would push Dogecoin to $1 from its current price of $0.38961, who also claimed that the bullish forecast for this meme cryptocurrency is based on past price fluctuations.
A feat that the cryptocurrency analyst predicts Dogecoin could achieve since November 2024, this meme coin has succeeded in increasing its price by 160%. Therefore, a 157% increase seems feasible.
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