Analyst Maps Out Dogecoin Price Arc To $3 Using A Logarithmic Scale
cryptocurrency analyst Chris Parks It is expected that the Dogecoin price may rise to $3 during this market cycle. The analyst further explained how the most important meme coin will reach this price target using a logarithmic scale.
Dogecoin Price Will Hit $3
In an X post, KrissPax highlighted Dogecoin’s path to $3. He drew attention to a Dogecoin chart connecting monthly highs in 2017 and 2021, with an arc representing diminishing returns as market cap increases, using Logarithmic scale. He suggested that the first step for Dogecoin to reach its $3 target is to reach $1. However, analysts are convinced that the meme coin can reach $3 during this cycle.
According to a recent analysis by cryptocurrency analyst Trader Tardigrade, Dogecoin price may soon rise to $1, pushing the price to $3. Analysts said in X post that Dogecoin Relative Strength Index (RSI) It has rebounded from oversold territory on the 4-hour chart. The recent RSI bounce in the same area caused Dogecoin to surge by 40% and 200%.
The cryptocurrency analyst added that the intensity of the pump is getting even stronger. In line with this, he stated that it would not be surprising if the Dogecoin price surged above 200% and rebounded above $1.15. tardigrade merchant It was also recently predicted that Dogecoin could rise to $3.52. He noted that memecoins always rise 2x from their previous local high price.
At the same time, the $3 target may not be the market top for Dogecoin price in this market cycle, as these crypto analysts suggest. cryptocurrency analyst Philip’s latest predictions Dogecoin can at least reach the conservative target of $5. Analysts made this prediction based on DOGE’s performance in previous cycles.
Anything over $5 is unrealistic
In X post, crypto analyst Master Kenobi It is unrealistic to assert that any chart predicting a Dogecoin price above $5 during this market cycle. His statement was in reference to Dogecoin’s market cap reaching a target of over $5, which he believes will not happen in this bull market.
Master Kenobi warns investors not to expect these price targets above $5, as they will likely become holders within the next four years. As for how high he thinks the price of Dogecoin can go in this cycleanalysts predict a range between $1 and $2 is realistic.
He firmly believes that rebound to $1 Bitcoin could go from $1,000 to $10,000, and a move to $2 could happen, just like Bitcoin went from $10,000 to $20,000 in just two weeks.
According to the data, Dogecoin price is around $0.4 at the time of writing, rising in the past 24 hours data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
