Following a recent resurgence in the general market, Dogecoin has begun to display upside momentum toward higher price levels, which has rekindled optimism about its potential to surpass its previous all-time high and set a new peak in the ongoing market cycle.
A Leap Towards New All-Time High For Dogecoin
Delving into Dogecoin’s current price action, seasoned market expert and investor Master Kenobi has underscored DOGE’s path to a new all-time high while offering a potential time frame for the milestone. As the crypto community awaits this historical moment, the market expert claims DOGE hitting a new peak is much closer than widely expected.
Master Kenobi’s prognosis is based on aligning events roughly two months ahead between this current cycle and the previous one. “Back then, the start was on November 3, 2020, while this time it kicked off on September 2, 2024,” he added.
Given that Master Kenobi’s long-term forecast for Dogecoin for the past 1.5 years has come to pass, he is confident that what comes next will likely fit into the rest of his expectations. As a result, the analyst claims that the dog-themed meme coin is at most two weeks away from reaching a new all-time high, particularly between December 2 and 9, considering the weekly chart of DOGE.
While several members of the community may express disbelief in this prediction, Kenobi has drawn attention to the last two market cycles where Dogecoin saw a breakout to past peaks, suggesting that history might repeat itself and DOGE could experience a massive breakout from the green trendline to the orange line as indicated in his chart.
Since the expert is confident about Dogecoin hitting a new all-time in the following weeks, he has expressed his robust contentment with historical price trends as they are the only trustworthy resource to get a glimpse of DOGE’s future.
Meanwhile, following its rally, Kenobi anticipates the next target halfway of the orange line positioned at the $2.90 level or double the previous all-time high price, which would put the meme coin between $1.40 and $1.45 in the coming weeks.
With optimism brewing and DOGE gaining traction across various sectors, traders and investors are closely watching for more signs of a sustained upward direction in anticipation of a significant rally to new highs akin to past trends.
DOGE In A Consolidation Phase?
In the past few days, DOGE has fluctuated between the $0.36 and $0.42 levels, sparking speculations of a possible consolidation phase. Given the renewed strength in the market, DOGE’s trend within the range may be brief, as the current momentum could bolster the meme coin’s uptrend.
Dogecoin is displaying upside potential, rising by 1% in the past day despite a decline in its daily trading volume. Meanwhile, in the larger view, such as the weekly and monthly time frame, the meme coin has increased by over 4% and 141%, respectively.
Featured image from Unsplash, chart from Tradingview.com
Credit: Source link
