As Dogecoin (DOGE) enjoys a remarkable rally, analysts are pondering how quickly it could reach a double-digit all-time high.
Today, Dogecoin is trading 3% higher after making a notable attempt to recapture the $0.34 threshold. Last Friday, Dogecoin crashed to $0.2644. Considering its current market value of $0.3315, the meme coin has recovered 25.4% from last week’s low.
Given this impressive price performance, market watchers are becoming increasingly optimistic about an all-time high rally.
Dogecoin follows the PO3 scheme
In a tweet, analyst Tardigrade noted that Dogecoin is joining what he calls the “Power of Three (PO3)” pattern. Specifically, these are the accumulation, manipulation and distribution phases of Dogecoin.
In the accumulation phase, the price consolidates, with Dogecoin experiencing a steady movement within a range. This phase occurred from mid-November to mid-December after dramatic price fluctuations in the first week of November.
As for the manipulation phase, which is a sudden move aimed at trapping traders, Dogecoin only recently entered this phase, last week. This was the drop to $0.264 on December 20th before the recovery.
Now, Tardigrade suggests that Dogecoin is in a distribution phase where the price could rise quickly and potentially reach new all-time highs.
According to the scheme and analysis, Dogecoin could see a strong bullish trend targeting prices above $1 or more, as shown in the green section of the attached chart.
This would notably mark a new history for the meme coin that peaked…
