Cryptocurrency analyst KrissPax has predicted that the price of Dogecoin could rise to $3 in this market cycle. The analyst further explained how the top meme coin will achieve this price target using a logarithmic scale.

Dogecoin Price Will Hit $3

In his X post, KrissPax highlighted the path for Dogecoin to reach $3. He drew attention to a Dogecoin chart that connects the monthly peaks of 2017 and 2021, with an arc representing diminishing returns with larger market capitalizations, using a logarithmic scale.

He believes that the first step to achieving this $3 target is for Dogecoin to hit $1. However, the analyst believes that the meme coin could hit $3 in this cycle.

Based on recent analysis by crypto analyst Trader Tardigrade, this Dogecoin rally to $1 could happen soon, putting a rally to $3 in motion. In a post on X, the analyst said that Dogecoin’s Relative Strength Index (RSI) has bounced from oversold territory on the 4-hour chart. Recent RSI bounces from the same territory have sent Dogecoin soaring by 40% and 200%.

The crypto analyst added that the pump is even stronger. In line with this, he commented that it would not be surprising if Dogecoin's price surged beyond 200% and rose above $1.15. Trader Tardigrade also recently predicted that Dogecoin could go as high as $3.52. This comes as he noted that the meme coin has always increased by 2x from its previous local peaks.

Meanwhile, as these crypto analysts have suggested, this $3 target may not be the market top for Dogecoin price in this market cycle. Crypto analyst Philip recently predicted that Dogecoin could at least reach a conservative target of $5. The analyst made this prediction in reference to DOGE's performance in previous cycles.

Anything over $5 is unrealistic.

In a post on X, cryptocurrency analyst Master Kenobi asserted that any chart predicting a Dogecoin price above $5 in this market cycle is unrealistic. He made this claim in reference to what Dogecoin's market cap would be if it reached its target above $5, which he believes is unlikely in this bull run.

Master Kenobi warned investors against expecting these price targets to be above $5 as they risk becoming holders of the coins in four years. As for how high he believes Dogecoin's price could go in this cycle, the analyst predicted that a range of $1 to $2 is realistic.

He is confident that the $1 rally could mirror Bitcoin's rally from $1,000 to $10,000, and the $2 rally could play out the same way BTC surged from $10,000 to $20,000 in just two weeks.