Crypto analyst KrissPax has made a case for why the Dogecoin price could still reach the psychological $1 level based on the 4-year cycle. Analysts like Kevin Capital have also declared that DOGE’s best move is still ahead.
Why The Dogecoin Price Can Still Reach $1
In an X post, KrissPax alluded to the 4-year cycle to prove why the Dogecoin price can still reach $1. He stated that meme coin has throughout its history shown patterns that reinforce these cycles of crypto trading. The analyst added that from bear markets to bull runs and blow-off tops, DOGE has repeated these movements, which indicate that a parabolic rally is going to happen this fall.
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In line with this, KrissPax remarked that the Dogecoin price could reach $1 if it follows the white upward sloping resistance, which he highlighted on his accompanying chart. Furthermore, he stated that if DOGE follows the blue arc from 2017, which supports the theory that the gains will be less each cycle with a larger market cap, then it could reach as high as $2 this cycle.
The Dogecoin price is currently enjoying another uptrend after dropping below the psychological $0.2 level during the last market correction. DOGE is up over 17% in the last seven days and is now looking to reclaim its previous local high of around $0.26. Crypto analyst Ali Martinez has predicted that it would happen soon.
In an X post, Martinez said that the Dogecoin price is targeting $0.27 as it forms a bullish flag on the hourly chart. Crypto analyst Trader Tardigrade also highlighted a bull flag breakout for DOGE on the 4-hour chart and stated that the meme coin is now targeting $0.295.
Like KrissPax, Trader Tardigrade also indicated that the meme coin could reach the $1 price level at some point. He revealed that the Dogecoin price had confirmed a bullish crossover on the daily chart. The analyst further remarked that a decent surge could occur at this point. His accompanying chart showed that $1 was the target.
The Best Is Yet To Come For DOGE
In an X post, crypto analyst Kevin Capital indicated that the best is yet to come for the Dogecoin price. He stated that all monthly momentum, strength, and sentiment indicators on DOGE show that investors have not yet seen what the foremost meme coin is capable of. He noted that this is similar to many other altcoins.
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Kevin Capital further remarked that if all stays steady with the macro and the Bitcoin price holds up, then the Dogecoin price’s biggest move is likely still ahead. The Fed is expected to cut rates in September, which is a positive for DOGE, as it could inject more liquidity into the meme coin.
At the time of writing, the Dogecoin price is trading at around $0.2362, up over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
