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A renowned cryptocurrency analyst has expressed his optimism about the possibility of the popular meme coin Dogecoin reaching the long-awaited level of $1 per coin.
Market analyst Trader Tardigrade believes a $1 price is still possible DOGE price escalate in the four days after welcoming the up-to-date year, indicating that the meme coin has entered a period of growth.
$1 per coin Doable
Tardigrade believes that reaching the long-awaited $1 milestone for Dogecoin is wise as the popular meme coin is currently entering its so-called distribution phase.
The market expert stated that DOGE needs a 157% escalate in its price to reach the desired $1 level, adding that the price level will be achievable soon as the meme coin begins to follow the “Power of Three” pattern.
“$1Doge $1 is a reasonable target in this scheme,” Trader Tardigrade stated in the post.
Last year, Dogecoin achieved an impressive price escalate of 252%, although it encountered bearish conditions towards the end in December, which saw the price drop by 25%.
#Dogecoin daily candle closed.
Just entered the Distribution phase in the Power of Three (PO3) pattern 🔥$Doga $1 is a reasonable goal in this scheme 🚀 pic.twitter.com/AoVdmTnwOl— Trader Tardigrades (@TATrader_Alan) January 4, 2025
The Power of the Three Patterns
Tardigrade revealed it Dogecoin has reached the Distribution phase, one of the three phases of the Power of Three pattern.
The cryptocurrency 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 began after a significant escalate in the price of DOGE in November 2024, which can be linked to the confident prospects of the cryptocurrency market after Donald Trump’s victory in the US presidential election.
The cryptocurrency expert added that the meme coin has been undergoing constant price increases and has made investors confident in this phase.
The accumulation phase ended on December 17, signaling the arrival of the manipulation phase in which investors saw DOGE’s price decline.
Trader Tardigrade said December was a bear market for DOGE when its price dropped and consolidated, adding that this phase would last until the end of 2024.
During this turbulent period, Dogecoin lost approximately 25% of its value. However, the market analyst stated that the manipulation phase was crucial 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, with the meme coin returning to recovery, seeing a price escalate of 23.15% during this four-day swing.
You can get $1 worth of Dogecoin
Trader Tardigrade explained that DOGE will rise to the much anticipated level of $1 per coin due to the favorable conditions at this stage.
A 157% price escalate would push Dogecoin to $1 from its current price of $0.38961, according to the analyst, who also stated that the bullish outlook for the meme cryptocurrency is based on its past price fluctuations.
A feat that crypto analyst predicted Dogecoin could achieve as of November 2024, the meme coin successfully sent its price up 160%. Therefore, an escalate of 157% seems realistic.
Featured image from Pixabay, chart from TradingView