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Crypto analyst KrissPax has made a bold prediction about the potential rally of Dogecoin price, suggesting it could reach as high as $3 in the current market cycle. The analyst has outlined a pathway for Dogecoin to achieve this price target using a Logarithmic scale.
Dogecoin Price Prediction: $3 Target
In a recent post, KrissPax discussed how Dogecoin could reach $3 by analyzing a chart that connects the monthly highs of 2017 and 2021. By applying a logarithmic scale to illustrate diminishing returns with a larger market cap, the analyst believes that Dogecoin first needs to reach $1 before hitting the $3 target. Despite this initial milestone, KrissPax remains confident in the meme coin’s potential to reach $3 in the current market cycle.
Another crypto analyst, Trader Tardigrade, has also indicated a potential rally for Dogecoin’s price to $1 in the near future, setting the stage for the journey towards $3. According to the analyst, Dogecoin’s Relative Strength Index (RSI) has shown positive signs on a 4-hour chart, with recent bounces leading to significant price surges of 40% and 200%.
The momentum behind Dogecoin’s price surge appears to be strengthening, with Trader Tardigrade suggesting that the price could surpass the 200% level and potentially rise above $1.15. The analyst has even gone as far as predicting a target of $3.52, citing Dogecoin’s historical performance of doubling from previous local tops.
While some analysts foresee Dogecoin reaching $3, others like Philip have set a more conservative target of $5 for the meme coin. This projection is based on Dogecoin’s past cycles and performance trends.
Setting Realistic Expectations
On the other hand, crypto analyst Master Kenobi believes that any prediction of Dogecoin’s price exceeding $5 in the current cycle is unrealistic. Master Kenobi argues that such high targets would result in an unsustainable market cap for Dogecoin during this bull run.
Investors are cautioned against anticipating prices above $5, as this could lead to holding onto positions for an extended period. Master Kenobi’s analysis suggests that a more realistic range for Dogecoin’s price in this cycle falls between $1 and $2.
Drawing parallels to Bitcoin’s historical rallies, Master Kenobi points out that Dogecoin’s journey to $1 could mirror Bitcoin’s surge from $1,000 to $10,000, with the potential for a subsequent rally to $2 akin to BTC’s quick climb from $10,000 to $20,000.
At the time of writing, Dogecoin is trading around $0.4, showing an upward trend in the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com