A notable crypto analyst argues that Dogecoin (DOGE) is gathering momentum for a bull run to an unprecedented height amid ongoing consolidation.
The bullish momentum in the crypto market is back, but Dogecoin is struggling to keep up with the sensational rally it staged earlier this month.
In the last 24 hours, Dogecoin has registered only a 3% gain, trading at $0.4144. However, the meme coin is still trading at a loss of 13.2% from its recent multi-year peak of $0.4775. Over the last two weeks, Dogecoin has largely exhibited a ranging pattern since its sensational rally peaked at $0.4360 on November 12.
This performance has dampened the optimism of market participants eagerly waiting to see it hit $1. However, with Bitcoin now back above the $97K price, Dogecoin is attempting to capitalize on the move.
Only a Matter of Time Before Dogecoin Hits $3
Amid this, Crypto Scofield, a notable market commentator, boldly asserted that it is only a matter of time before Dogecoin’s bull run reemerges, potentially staging a spectacular rally that could drive DOGE to $3.
Dogecoin would need a massive surge of 624% from its current price to break the unprecedented $3 price level. Notably, Dogecoin has surged by 415% in the last 12 months, making the required move to $3 a likely outcome for the meme coin.
What It Means for Dogecoin to Reach the $3 Price
Remarkably, attaining a $3 price would elevate Dogecoin’s market cap to $440 billion, exceeding the current market cap of Ethereum. Moreover, this valuation would place the Elon Musk-endorsed meme coin ahead of Netflix and Bank of America in the global ranking of most valuable assets and companies.
Interestingly, some analysts believe that $3 may not even be the ceiling for Dogecoin’s potential in the ongoing bull season, with some even arguing for double-digit values for the premier meme coin.
Timeline for Dogecoin Reach $3
Some analysts, like Ash Crypto, have pointed to a timeline of six months to a year for Dogecoin to reach $3.
Notably, this projection suggests that $3 could be Dogecoin’s peak, as the ongoing bull run is expected to end within the same timeline. However, other analysts disagree with this outlook. Some have projected Dogecoin to reach $11, while others suggest a price beyond $20.
For instance, an analyst on TradingView 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 an $18 peak for DOGE.
It remains to be seen how high Dogecoin could go this season.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
