Crypto analyst XForce has assured this the Dogecoin price can still reach the psychological level of $1. However, he suggested this may not happen anytime soon, as he hinted at technical data indicating a single route for the meme coin to reach this level.
The Dogecoin price could reach $1 in the coming years
In one X messageXForce stated that the Dogecoin price still has the potential to post a 10x move in the coming years, potentially reaching $1 from current levels. He further noted that the idea is limited to a single primary bullish path, in which Wave 4 for DOGE is a potential triangle.
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His accompanying chart showed that the Dogecoin price could rise as high as $1.3 at Wave 5, a move that could happen in 2028 based on the technical setup. Notably, this coincides with a period that analysts such as Benjamin Cowen have predicted could be the peak of the crisis next bull run. Meanwhile, the chart also showed that a drop below $0.05 could invalidate this setup for DOGE.
For now, XForce noted that the Dogecoin price remains above the major low and could be the last remaining meme coin to experience a major run. Notably, DOGE is back above the psychological level of $0.10 after the recent one crypto market rallyled by Bitcoin. However, activity in the derivatives market indicates that traders are still bearish on the meme coin.
CoinGlass data shows that the long/short ratio is less than 1, indicating that most traders are bearish. Trading volume in derivatives has fallen by more than 13% and open interest has fallen by more than 12%. However, options trading volume has increased by more than 32% and open interest on options has increased by 72%.
A rally to $5 could be on the cards
Crypto analyst Bitcoinsensus has suggested that a Dogecoin Price Rises to $5 could be on the cards. In one X messagethe analyst stated that DOGE could have room to move towards the $5 price level if this cycle plays out like the last one. Bitcoinsensus noted that DOGE registered a 95x increase in the first cycle, while in the second cycle it saw a 310x rally. This third cycle is now playing out, which could lead to another parabolic wave.
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Bitcoinsensus noted that in previous cycles, Dogecoin price has thrived during risky environments, usually after long periods of price consolidation before the outbreak. The analyst’s accompanying chart showed that the meme coin could register this parabolic rally between now and 2027.
At the time of writing, the Dogecoin price is trading around $0.10, down more than 12% in the past 24 hours, according to facts from CoinMarketCap.
Featured image of Pngtree, chart from Tradingview.com