Dogecoin Could Hit the $1 to $3 Range Within the Next 12 Months, Analyst Predicts

Amid the recent spectacular performance from Dogecoin, market watchers share their views on how long it will take for DOGE to break into the unit price range.

A recent price analysis by a technical analyst suggests that Dogecoin (DOGE) could potentially reach the $1 and $3 price ranges within the next six months.

According to the analyst, if DOGE manages to sustain bullish momentum, it could trade between $1 and $3 as early as six months from now, which would put the timeline around May 2024. However, if the bull market progresses more slowly, it could take up to 12 months for DOGE to reach these price targets.

Currently, DOGE is trading at $0.3894, up 1% over the past 24 hours. Yesterday, DOGE attempted to break out of its week-long consolidation phase by re-entering the $0.40 range with a 12% surge. However, it quickly encountered resistance after reaching $0.4183 and was unable to push higher. It later dropped to $0.3778 amid the Bitcoin-induced volatility last night.

While DOGE bulls are struggling to regain momentum for another massive rally like the one from two weeks ago, the technical analyst believes that, despite the challenges, DOGE will trade within the $1 to $3 range in the next six months.

Notably, from its current floor value of $0.3894, DOGE would need a rally of 156% to break the $1 mark, which enthusiasts have been waiting for since the 2021 bull run. For context, DOGE took just seven days to rally by 156.11%, from $0.1702 to $0.4359, between November 5 and November 12.

Meanwhile, for the projected upper boundary of $3, Dogecoin would need a more substantial price increase of 670%. Remarkably, over the past 12 months, Dogecoin has surged by 658% from its October 2023 low of $0.05747 to its recent high of $0.4359, which aligns closely with the 12-month timeline suggested by the technical analyst for Dogecoin to achieve another 650% price growth.

Notably, at $3, Dogecoin would have a market cap of $440 billion, compared to just $56 billion today. This market cap would far exceed Ethereum’s current $373 billion valuation, possibly making DOGE the second-largest crypto asset if no other token surges higher.

Bitcoin and Ethereum Prices When Dogecoin Hits $3

However, the technical analyst also expects Bitcoin to reach between $220K and $260K during this period. With Bitcoin currently priced at $93,183, reaching the projected target would imply an additional 179% price growth.

For the underperforming altcoin king, Ethereum, the technical analyst suggests it could rebound significantly, reaching between $12K and $16K within the next 12 months.

DisClamier: This content is informational and shouldn't be considered financial advice. The views expressed in this article may include the author's personal opinions and don't necessarily reflect The Crypto Basic's opinion. Always do your own research before making any investment decisions and never invest more than you can afford to lose. The Crypto Basic is not responsible for any financial losses.