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Analyst Maps Out Dogecoin Price Arc To $3 Using A Logarithmic Scale

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Cryptographic analyzer Chris Backes Expect that the price of Dogecoin could rise to $3 in this market cycle. The analyst further explained how the first memecoin would reach this target price using a logarithmic scale.

The price of Dogecoin will reach $3

In X’s post, KrissPax highlighted Dogecoin’s path to $3. He drew attention to the Dogecoin chart that connects the monthly peaks of 2017 and 2021, with an arc representing diminishing returns with greater market capitalization, using Logarithmic scale. He suggested that the first step to reaching the $3 target would be for Dogecoin to reach $1. However, the analyst is convinced that the meme coin could reach $3 this cycle.

Source: X

Based on recent analysis by cryptocurrency analyst Trader Tardigrade, this Dogecoin price rise to $1 may happen soon, triggering the start of the rally to $3. In X’s post, the analyst said that Dogecoin Relative Strength Index (RSI) The price is bouncing from the oversold area on the 4-hour chart. The recent RSI bounce from the same area sent Dogecoin up 40% and 200%.

Dogecoin price 2
Source: X

The cryptocurrency analyst added that the pump intensity is getting stronger. In line with this, he noted that it would not be surprising if the price of Dogecoin rose beyond the 200% level and rose above $1.15. Slow growing trader It also recently predicted that Dogecoin would rise to $3.52. This came about when he noticed how the meme coin always enjoys a 2x increase from previous local peaks.

Meanwhile, as cryptocurrency analysts have suggested, this $3 target may not be the highest market price for Dogecoin this market cycle. Cryptographic analyzer Philip recently predicted That Dogecoin could at least reach a conservative target of $5. The analyst made this prediction regarding DOGE’s performance in previous sessions.

Anything over $5 is unrealistic

Posted by X, Cryptocurrency Analyst Master Kenobi He emphasized that any chart showing a Dogecoin price above $5 in this market cycle is unrealistic. He made this claim regarding the market cap of Dogecoin if it reaches targets above $5, which he believes cannot happen in this bull run.

Master Kenobi warned investors not to look forward to these target prices above $5 because they risk becoming bag holders for another four years. In terms of how high he thinks the price of Dogecoin could go In this courseThe analyst expects that a range between $1 and $2 is realistic.

He is confident that Rising to $1 It could mirror Bitcoin’s rise from $1,000 to $10,000, and the rise to $2 could happen in the same way that Bitcoin rose from $10,000 to $20,000 in just two weeks.

At the time of writing, Dogecoin price is trading at around $0.4, rising over the past 24 hours, according to Data From Coin Market Cap.

Dogecoin price chart from Tradingview.com
DOGE price rises above $0.4 again | source: Doji USDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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