Dogecoin, the popular meme cryptocurrency, is currently in a manipulation phase according to crypto analyst Trader Tardigrade. The analyst highlighted that Dogecoin has been following the Power of Three (PO3) pattern for the past few weeks, which suggests a bullish wave on the horizon. The Power of Three pattern consists of three phases: Accumulation, Manipulation, and Distribution, which collectively define market cycles.
Trader Tardigrade pointed out that Dogecoin has been on a downtrend since December, with significant corrections leading to a break below the $0.30 threshold. However, this decline is seen as part of the Power of Three pattern and is crucial for a potential price surge. The accumulation phase for Dogecoin lasted from early November to mid-December, where the price consolidated within a narrow range despite subdued activity.
Recent price action has seen Dogecoin enter the manipulation phase, characterized by increased volatility that led to a sharp downward move on December 20th. This phase is considered a prelude to the distribution phase, which is expected to drive Dogecoin’s price to new all-time highs, potentially reaching as high as $0.95 according to Trader Tardigrade. Currently, Dogecoin is trading at $0.332 and a move to $0.95 would represent an increase of about 186% from the current price.
The distribution phase is anticipated to occur in the first two weeks of 2025, aligning with broader market expectations for Dogecoin to break above $1. While the $0.95 target falls just short of this milestone, it indicates a positive sentiment surrounding Dogecoin among investors and analysts. The Power of Three pattern suggests that Dogecoin’s price movement is following a bullish trajectory towards new all-time highs.
