Dogecoin’s price trend below $1 means the meme coin is still about 1,000% ahead of reaching the desired $1 level. Despite expectations over the years, this digital asset has not performed well, instead ending higher in 2024 before reaching its current all-time high of $0.74. However, these penniless results did not discourage investors, as one analyst predicted that the price of Dogecoin will actually reach $1.
Using previous cycles to predict price trajectories
Crypto analyst Javon Marks does predicted Dogecoin price trajectory based on meme performance over the last few cycles. So far, there has been a consistent trend showing that the cryptocurrency has seen a significant recovery in each cycle. While it has risen more than 500% in 2024, it has failed to match the explosive growth that investors are expecting.
Instead of an actual breakout, the analyst classifies the 2023-2025 performance as part of a period of stagnation. This means that the price of Dogecoin is still in an upward phase that will lead to another enhance.
If the trend continues, it is possible Dogecoin could see another explosive rally in 2026. A break from the bottom around USD 0.09 would define the rally and set the tone for achieving the first goal. This target is $0.739, which would represent an enhance of 750%.
Next on the target list is the $1.25 level, which means the price would need to enhance by approximately 1,100% to complete this move. After that, the final target is somewhere above $1.80, which would mean a move of over 2,000% for the meme coin.
Dogecoin may mark a bottom
Another analyst, CryptoAnalystSignal, on TradingView, also did this proposed that the price of Dogecoin may reach the bottom. This is because the price is moving in a descending channel on the one-hour chart. Typically, when the price hits the lower boundary of this channel, as Dogecoin did, it triggers a bounce. Breaking out of this descending channel would mean a possible bottom.
There is still the matter of the Relative Strength Index (RSI) showing a possible downward trend. However, as the price moves towards the 100-MA, it is possible that Dogecoin reaches its target above $0.097 before encountering stern resistance.
Featured image from Dall.E, chart from TradingView.com
