Dogecoin’s Rally To A New All-Time High Unlikely This Year, Expert Warns

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As a seasoned analyst with over two decades of experience in the financial markets, I find myself intrigued by Master Kenobi’s recent analysis on Dogecoin (DOGE). While his insights are not always aligned with my own, they do provide valuable perspectives that should be considered when assessing the potential of any asset.

Lately, due to a dip in Dogecoin’s price performance, there’s been growing debate and uncertainty among cryptocurrency enthusiasts about whether Dogecoin can reach another record high soon.

Record-Breaking Run For Dogecoin May Be Postponed

Expert Investor Master Kenobi has shared thoughts about Dogecoin’s near-term prospects, suggesting that it might not reach another peak by year-end as previously anticipated. This prediction was made in a recent analysis posted on the X (formerly Twitter) platform, sparking quite a buzz among Dogecoin enthusiasts.

The analyst suggests that due to factors like market trends, economic conditions, and decreasing momentum, Dogecoin’s price may not be strong enough at this time to surpass its current record-high value. This means that Dogecoin is likely heading into a period of stabilization before it continues climbing back towards its previous highs in the upcoming year.

Based on the analysis of a market expert, the 40-day speeding up trend suggests that the expected red consolidation phase began about a week earlier than predicted. Therefore, Master Kenobi speculates that we may be in for a 1 to 3-week period of consolidation, which is favorable since it’s currently underway.

Based on current trends, it seems Master Kenobi is less certain that Dogecoin (DOGE) will reach another all-time high before the end of this year. Instead, he predicts that DOGE could potentially reach a new peak by early January, which would indicate a strong beginning for Dogecoin in the upcoming year.

Additionally, the expert pointed out that the predicted surge in Dogecoin could align with Donald Trump’s potential re-entry as President of the United States. This is because the US elections have caused forecasts to deviate by about 3 weeks from their usual trend, making this a significant situation to take into account.

Currently, investors and dealers are closely watching the movement of DOGE’s price to help them reevaluate their holdings, as this activity might indicate the beginning of a significant bullish run for the popular meme currency.

A Brief Rally Incoming For DOGE?

According to experienced analyst Daan Crypto Trades, he anticipates a rapid increase in Dogecoin’s value based on trends seen during the 2021 bull market. This prediction is generating enthusiasm about its near-term prospects. A glance at the daily chart indicates that Dogecoin has been sandwiched between two substantial weekly resistance points since the 2021 bull rally.

As we approach 2021, important benchmarks are reappearing, and an expert suggests that two significant points – around $0.35 and $0.45 – should be closely monitored. This is because a substantial volume point has consistently offered solid support for Dogecoin above $0.38. To kick off a bullish trend, it’s crucial for the meme coin to encounter the $0.45 price threshold.

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2024-12-12 22:56