As Dogecoin (DOGE) sees a notable resurgence, analysts are wondering how soon it could hit a double-digit all-time high.
Today, Dogecoin s’échange en hausse de 3 % après avoir fait une tentative notable pour récupérer le seuil de 0,34 $. Last Friday, Dogecoin fell to $0.2644. Considering its current market value of $0.3315, the meme coin has rebounded 25.4% from last week’s low.
With this impressive price action, market observers are becoming increasingly optimistic about an unprecedented rally.
Dogecoin following PO3 pattern
In a tweetanalyst Tardigrade pointed out that Dogecoin aligns with what he calls the “Power of Three (PO3)” model. Plus précisément, il s’agit des phases d’accumulation, de manipulation et de distribution de Dogecoin.
The accumulation phase is where the price consolidates, with Dogecoin experiencing constant movement within a range. This phase took place from mid-November to mid-December after dramatic price fluctuations during the first week of November.
As for the manipulation phase, which involves a sudden movement intended to trap traders, Dogecoin has recently entered this phase, notably last week. This was the crash to $0.264 on December 20 before the rebound.
Now, Tardigrade suggests that Dogecoin is going through a distribution phase, where the price could rise rapidly, potentially reaching new all-time highs.
Depending on the pattern and analysis, Dogecoin could see a strong uptrend targeting prices beyond $1 or more, as shown in the green section of the attached chart.
Notably, this would mark a new story for the meme coin, which peaked at around $0.73 during the last cycle. Tardigrade expects the $1 price to materialize in the near term, especially during the next phase of dramatic uptrend.
In the broader phase, this analyst speculated on prices up to $30 for Dogecoin. As a reminder, this price would equate to a market capitalization of $4 trillion for Dogecoin, a highly speculative prospect.
Dogecoin will reach $37 by May 2025
Despite the speculative nature of this goal, bold predictions regarding Dogecoin are widespread in the crypto community. BALO analysts even argued that Dogecoin could peak at $37 in a separate commentary. He suggested that Dogecoin’s peak for this cycle could materialize by May 2025, citing a correlation between historical patterns.
Some have notably challenged this view, with one critic pointing out that such ambitious calls often lead to people losing money in crypto when they expect ambitious targets when they should be making profits.
Undeterred, Balo responded that skeptics could sell their Dogecoin in the $4 price range if they believe it is its peak.
so sell at $4 or now at $0.33 if you feel that way
I will post updates if my opinion changes at this point, but it’s not my responsibility if someone doesn’t take profits after more than 10x lol
— ₿ ALO (@btcbalo) December 24, 2024
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