Dogecoin price action has occurred It returned to the uptrend in within the past 24 hours after spending most of the past seven days On the road to correction In particular, the price of Dogecoin is currently up about 4.5% over the past 24 hours.
According to cryptocurrency analyst Master Kenobi, Dogecoin market movement seems to reflect past cycles but with a major twist; Events unfold two months ahead of schedule. His vision, which was shared on the social media platform X, predicted that the price of Dogecoin would be… On its way to new heights Up to the $2.9 mark.
Early start of Dogecoin price cycle in 2024
In his country analysisMaster Kenobi noted that this year’s cycle started on September 2, 2024 compared to the start of the previous cycle on November 3, 2020. This two-month advance seems to have affected how price action and major breakout patterns changed compared to the previous cycle. However, he stresses that the movement is so far in line with the long-term forecasts he has developed over the past year and a half.
His analysis draws attention to Dogecoin’s history of massive breakouts, especially during its past sessions when it rose from the flat green trend line to touch the higher orange trend lines shown in the chart below. According to Kenobi, this historical precedent reinforces the belief that a new Dogecoin (ATH) price high could be reached in the next two weeks.
Upside targets: $1.08, $2.90, or somewhere in between
Kenobi’s DOGE chart highlights two major price targets for Dogecoin price in this cycle. The first is the yellow line at approximately $1.08, which is a more conservative forecast. Although conservative, hitting the $1.08 mark would represent a 166% increase from the current price and would see Dogecoin price surpass its all-time high of $0.7316.
the second, A more ambitious goal It represents a 616% increase from the orange line at $2.90. While this may seem an overly optimistic target, history has already proven the feasibility of such dramatic moves in the past two bull cycles.
Although the orange line forecast of $2.90 is the most optimistic target, Kenobi considers the intermediate target more realistic. By doubling the previous ATH or reaching halfway to the orange line, Dogecoin price will fall in the range of $1.40 to $1.45. This would still represent a significant breakout and is in line with the uptrend line seen on the charts.
At the time of writing, Dogecoin is trading at $0.405. If analysts’ forecasts are correct, Dogecoin could be in the lead New ATH rim During the next two weeks. Furthermore, the analysis suggests the timing is around December 2, 2024. Such a move would see the price of Dogecoin outperform all other crypto assets and surpass the likes of XRP and BNB in market capitalization.
Featured image created with Dall.E, chart from Tradingview.com