As an analyst with over two decades of experience in the financial markets, I have seen my fair share of market cycles and trends. However, the Dogecoin price action is one that has caught my attention lately, not just for its volatility but also for its unique characteristics.
In the last day, the pattern of Dogecoin‘s price has shifted towards an upward trend again, having been mostly on a downward correction for the previous seven days. Specifically, the price of Dogecoin has increased by approximately 4.5% over the last 24 hours.
As per crypto analyst Master Kenobi’s analysis, shared on social media platform X, the pattern of Dogecoin’s market movement seems to be following previous cycles, but with a notable deviation; key events are happening about two months earlier than expected. His predictions suggest that the price of Dogecoin could potentially reach new highs, even up to $2.9.
Early Start For The Dogecoin Price Cycle In 2024
In my analysis, I observed that unlike the previous cycle which started on November 3, 2020, this current one commenced two months earlier on September 2, 2024. This early start seems to have impacted the way price action and crucial breakout patterns have evolved compared to the previous cycle. However, it’s important to note that the observed movement thus far is in line with the long-term forecasts I’ve been developing over the past year and a half.
As a crypto investor, I’ve been keeping a close eye on Dogecoin’s pattern, and it’s fascinating to see how it has consistently broken out significantly, especially during its previous cycles. In these instances, Dogecoin leaped from its established green trendline to touch the higher orange trendlines depicted in the chart below. Based on Kenobi’s analysis, this historical trend suggests a strong possibility that we might witness a new all-time high (ATH) for Dogecoin within the next two weeks.
The Bullish Targets: $1.08, $2.90, Or Somewhere In Between
Obi-Kenobi’s graph indicating two significant potential prices for Dogecoin during this cycle. The first, represented by the yellow line around $1.08, offers a more cautious estimation. Despite being cautious, hitting the $1.08 point would signify a 166% rise from the present value and propel Dogecoin’s price above its current record high of $0.7316.
A more challenging goal for the orange line is a 616% boost, priced at $2.90. Some may view this as overly hopeful, but it’s worth noting that significant increases like this have occurred during the last two market uptrends in history.
Even though some analysts project the highest possible price for Dogecoin at around $2.90, Kenobi believes a more reasonable target is closer to midway there. If Dogecoin were to double its current all-time high (ATH) or reach halfway towards the projected orange line, it could end up between $1.40 and $1.45. This would still signify a substantial increase and align with the generally bullish trendline observed in the charts.
Currently, at this moment, Dogecoin is being exchanged for approximately $0.405. If the analyst’s forecasts prove accurate, Dogecoin could potentially reach a new all-time high (ATH) within the next fortnight. The predicted date for this event is around December 2, 2024. Such an uptrend would make Dogecoin outperform other cryptocurrencies in terms of price and surpass both XRP and BNB in market capitalization.
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2024-11-29 03:11