A notable crypto analyst claims that Dogecoin (DOGE) is gaining momentum for a bull run to an unprecedented height amid ongoing consolidation.
The crypto market’s bullish momentum is back, but Dogecoin is struggling to follow the sensational rally it staged earlier this month.
During the last 24 hours, Dogecoin recorded only a 3% gain, trading at $0.4144. However, the meme coin is still trading at a 13.2% loss from its recent multi-year high of $0.4775. Over the past two weeks, Dogecoin has largely exhibited a variable trend since its sensational rally that peaked at $0.4360 on November 12.
This performance attenuated the optimism of market players I look forward to seeing it hit $1. However, with Bitcoin now back above the $97,000 price, Dogecoin is attempting to capitalize on this development.
It’s only a matter of time before Dogecoin hits $3
Amidst this, Crypto Scofield, a notable market commentator, boldly affirmed that it is only a matter of time before Dogecoin’s bull run reemerges, potentially staging a spectacular rally that could lead DOGE to $3.
Dogecoin would need a massive 624% increase from its current price to break the all-time high price level of $3. Notably, Dogecoin has surged 415% over the past 12 months, making the required move to $3 a likely outcome for the meme coin.
What it means for Dogecoin to reach the price of $3
Remarkably, reaching a price of $3 would raise Dogecoin’s market cap to $440 billion, surpassing Ethereum’s current market cap. Furthermore, this valuation would place the Meme piece endorsed by Elon Musk ahead of Netflix and Bank of America in the global ranking of the most valuable assets and companies.
Interestingly, some analysts believe that $3 may not even be the ceiling of Dogecoin’s potential during the current bull season, with some even arguing for double-digit values for the premier coin.
Timeline for Dogecoin Reaching $3
Some analysts, like Ash Crypto, having pointed a time frame of six months to a year for Dogecoin to reach $3.
Notably, this projection suggests that $3 could be the top for Dogecoin, as the ongoing bull run is expected to end within the same time frame. However, other analysts disagree with this perspective. Some have projected that Dogecoin reach $11, while others suggest a price above $20.
For example, a TradingView analyst highlighted DOGE’s historical performance within a Gaussian channel to project a potential peak at $11. Meanwhile, Ali Martinez used Dogecoin’s performance in an ascending channel to argue for a peak of $18 for DOGE.
It remains to be seen how high Dogecoin could reach this season.
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