Crypto expert ProjectSyndicate has shared his forecast for Dogecoin, predicting that DOGE could reach the sought-after price of $1 in the current market cycle. The analyst also provided insights on optimal buying and selling moments for this popular meme cryptocurrency.
Dogecoin Expected to Reach $1 This Cycle
In a post on TradingView, ProjectSyndicate indicated that DOGE has the potential to achieve the psychological threshold of $1 before the year ends, possibly reaching this target by mid-2025, according to the analyst’s chart.
This prediction is corroborated by Galaxy Research, which has also suggested that DOGE might hit the $1 mark and reach a market cap of $100 billion. Furthermore, analyst CROW has set a similar $1 target for Dogecoin pending a breakout from a significant trendline. Achieving this price would establish a new all-time high for the cryptocurrency.
ProjectSyndicate provided an analysis of current Dogecoin market behavior, noting a pullback is occurring but emphasized that the price chart still exhibits strength with higher low formations. He highlighted the impressive increase in Dogecoin’s value from $0.08 to $0.40, marking a significant 500% gain. Currently, DOGE appears to be consolidating for a forthcoming bullish movement towards the key support and resistance zone at $1, although he believes this consolidation phase is ongoing and will take some more time.
He suggested a strategy for those bullish on DOGE, advising them to buy and hold while the price hovers around $0.20 during the current consolidation, with plans to take profits once it hits $1, indicating a substantial gain.
Analyst Affirms Imminent $1 Target
Another analyst, Trader Tardigrade, has also shared his outlook on Dogecoin, stating that the cryptocurrency is gearing up to hit the $1 milestone. He pointed out that a price retracement often occurs prior to a significant upward movement, suggesting that Dogecoin could reach this target as soon as March.
Trader Tardigrade even mentioned the potential for Dogecoin to soar to $2 within this cycle, citing that it is mirroring patterns from previous market cycles. He believes this resemblance isn’t mere coincidence and sees $2 as a plausible target for 2025.
As of now, Dogecoin is valued at approximately $0.33, showing a decline of over 2% in the last 24 hours, based on CoinMarketCap data.
