Early consequences of recent events Fed cuts interest rates The overall cryptocurrency industry has been on a positive note with major assets like Dogecoin showing bullish sentiment. This positive performance has prompted many bullish predictions for DOGE, with some analysts predicting the dog-themed meme coin to reach unprecedented highs in the near term.
Dogecoin’s $1 Target in 2024 Is Possible
As optimism about Dogecoin rises, Master Kenobi, a market expert and trader, precisely defined A potential timeline for the largest meme coin to reach the long-awaited $1 price. His bold predictions are based on historical cycle trends and current price trends that could see DOGE rise to the level within the year, demonstrating his firm confidence in its short-term potential.
According to the expert, Dogecoin After a close examination of the current price action, it may be about to enter a specific period of rapid growth that has historically occurred during every crypto cycle. At the same time, this period of high growth is expected to last for approximately 91 days.
Looking at DOGE’s chart on the 1-week time frame, Kenobi confirmed that DOGE produced its third consecutive green week, indicating a strong positive outlook for the dog-shaped stock. same angle.
Therefore, if the trend continues in a conservative scenario, Kenobi is confident that Dogecoin could reach the $1 level by December 2. Meanwhile, in an optimistic scenario, the market expert believes that the meme coin could rise further to the $2.8 price level.
Additionally, Kenobi pointed to another conservative scenario that would see doug Bitcoin is expected to hit $1.25 in March 2025, which could take the cryptocurrency to $3.50. Kenobi specifically predicts that Bitcoin will hit these price levels if history repeats itself and Bitcoin peaks for the second time in another 91 days.
Master Kenobi also drew attention to his previous prediction, where he predicted that Dogecoin would reach $1.1 early next year, specifically by January 6, and reach $3.8 by April 7.
While Kenobi expects the meme coin to reach the above levels within the timeframe, he noted that it may be closer than it seems as several green weeks have already been printed.
Is DOGE poised for more gains in the coming days?
Given the high volatility of crypto assets, it is difficult to predict the next price path for Dogecoin. However, the meme coin is showing positive sentiment that could lead to More gains In the next few days.
Currently, DOGE has rebounded strongly from its low of $0.09 last week to $0.1087. Over the past day, DOGE has gained around 2%, settling at $0.1082. MEME has also gained over 7% on the weekly timeframe.
CoinMarketCap data shows DOGE price holding steady upward movement Despite its trading volume falling by about 3% over the past 24 hours.
Featured image from Unsplash, chart from Tradingview.com