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A well-known cryptocurrency analyst expressed optimism about the possibility of the popular meme coin, Dogecoin, reaching the long-awaited $1 per coin.
Market analyst Trader Tardigrade thinks the $1 mark is still feasible DOGE’s price increase in four days after welcoming the new year, indicating that the meme coin has entered a bullish period.
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$1 per coin feasible
Tardigrade believes that reaching the long-awaited $1 milestone for Dogecoin is reasonable as the popular meme coin is now venturing into the so-called distribution phase.
The market expert said DOGE needs a 157% price increase to reach the coveted $1 level, adding that the price level is achievable once the meme coin follows the “Power of Three” pattern.
“$Doge $1 is a reasonable target in this pattern,” Trader Tardigrade said in a post.
Last year, Dogecoin achieved an impressive 252% price increase, although towards the end, in December, it encountered bearish conditions that caused the price to drop 25%.
#Dogecoin daily candle closed.
It has just entered the distribution phase in the pattern of the “Power of Three” (PO3)$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 three-phase structure that DOGE follows throughout the market cycle. The three phases are accumulation, manipulation and distribution.
According to Tardigrade, the accumulation phase started after the price of DOGE rose significantly in November 2024, which can be linked to the optimistic prospects of the cryptocurrency market after Donald Trump’s victory in the US presidential elections.
The crypto expert added that the meme coin experienced steady price increases and raised investors’ optimism during this phase.
The accumulation phase ended on December 17, signaling the arrival of the manipulation phase, where investors saw the DOGE price fall.
Trader Tardigrade said December was a bearish period for DOGE, with the price falling and consolidating. He added that this phase would continue until the end of 2024.
During this turbulent period, Dogecoin lost approximately 25% of its value. However, the market analyst said that the manipulation phase was essential for the meme coin as it prepared DOGE for the next phase, the distribution phase.
The distribution phase began in the first four days of 2025, during which the meme coin moved towards recovery by posting a 23.15% price increase in that four-day swing.
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$1 Dogecoin can be achieved
Trader Tardigrade clarified that DOGE would rise to the highly expected $1 per coin due to favorable conditions at this stage.
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 movements.
A feat that the crypto analyst predicted that Dogecoin could achieve since November 2024: the meme coin successfully caused a 160% increase in price. Therefore, an increase of 157% seems realistic.
Featured image from Pixabay, chart from TradingView
