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A well-known cryptocurrency analyst has expressed his optimism about the possibility that the popular meme coin, Dogecoin, could reach the much-anticipated $1 per coin mark.
Market analyst Trader Tardigrade believes that the $1 mark is still possible for the DOGE price to rise four days after welcoming the new year, indicating that the meme coin has entered a bullish period.
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$1 per possible coin
Tardigrade believes that reaching Dogecoin’s much-anticipated $1 milestone makes sense as the popular meme coin is now entering a phase called Distribution.
The market expert said that DOGE needs a 157% increase in its price to reach the desired level of $1, adding that the price level is quickly reached as the meme coin follows the “Three Powers” pattern.
“$Doge $1 is a reasonable target in this pattern,” Trader Tardigrade said in a post.
Over the past year, Dogecoin has achieved an impressive 252% price increase although towards the end, in December, it experienced bearish conditions that saw its price drop by 25%.
#Dogecoin the daily candle is closed.
It just entered the Distribution phase in the “Power of Three” (PO3) pattern 🔥$ Doge $1 is a reasonable target in this pattern 🚀 pic.twitter.com/AoVdmTnwOl– Trader Tardigrade (@TATrader_Alan) January 4, 2025
The Power of the Three Patterns
Tardigrade reveals that Dogecoin has reached a distribution phase, one of the three phases under the triple force pattern.
The crypto analyst described the Power of Three Pattern as a three-phase structure that DOGE follows throughout its market cycle. The three stages are collection, manipulation, and distribution.
According to Tardigrade, the Accumulation Phase started after the price of DOGE increased significantly in November 2024, which can be linked to the better outlook of the cryptocurrency market following the victory of Donald Trump in the US presidential election.
The crypto expert added that the meme coin went through a steady price increase and gained the confidence of investors during this phase.
The Accumulation phase ended on December 17, signaling the arrival of the Decay phase, where investors saw the DOGE price drop.
Trader Tardigrade said that December was a bearish period for DOGE, when its price fell and there was consolidation, adding that this phase continued until the end of 2024.
During this period of chaos, Dogecoin lost about 25% of its value. However, a market analyst said that the Deception phase was important for the meme coin because it prepared DOGE for the next phase, the Distribution phase.
The Distribution Phase started in the first four days of 2025 when the meme coin moved into a recovery by posting a 23.15% price increase in that four-day swing.
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$1 Dogecoin Can be Earned
Trader Tardigrade explained that DOGE will rise to the highly anticipated $1 per coin due to favorable conditions at this stage.
A 157% price increase will push Dogecoin to $1 from its current price of $0.38961, according to the analyst, who also said that the meme crypto’s bullish forecast is based on past price changes.
With what crypto analyst predicted Dogecoin could reach from November 2024, the meme coin successfully pulled off a 160% price increase. So, a 157% increase seems realistic.
Featured image from Pixabay, chart from TradingView