Cryptocurrency analyst Jacob Canfield raised the possibility of Dogecoin’s price repeating the recent price XRP pool. This came as the analyst highlighted similarities between Dogecoin’s recent price action and XRP.
Dogecoin Price to Repeat XRP Rally?
In X post, Jacob Canfield He suggested that Dogecoin price could soon repeat XRP’s recent rally. He stated that Dogecoin was trading similarly to XRP on lower time frames. DOGE holds previous resistances as support and trades in a “very direct” manner.
Accordingly, the price of Dogecoin could withdraw XRP pool We are seeing massive gains like those recorded by XRP in the past two weeks. It is worth noting that Dogecoin saw a similar rise last month. Earlier in November, DOGE posted a parabolic rally, resulting in a 161% gain that month.
Since then, Dogecoin price has stabilized around the $0.4 range, although it appears well poised for another move to the upside. The chart accompanying Canfield showed that Dogecoin’s next stop could take it above the $0.48 level. Meanwhile, he highlighted the $0.55 and $0.66 price levels as levels to pay attention to, where there are 1.618 and 2.618. Fibonacci levels She is, respectively.
DOGE is about to make a big move
Cryptographic analyzer Master Kenobi He recently stated that the price of Dogecoin was about to move significantly, which also indicated that the meme coin could repeat the XRP rally soon. Mr. Kenobi predicted a big move when he analyzed Dogecoin’s recent price action in relation to the previous session.
Cryptocurrency analyst noted that in Previous sessionIt took 25 days of consolidation before a major breakout occurred. If history repeats itself, he believes Dogecoin’s price is on the verge of a big move, as it has also been consolidating for a similar period since its high in early November.
Master Kenobi said that the price of Dogecoin is already on day 21 of this consolidation, which means that the pumping to the next level could happen within the next three to four days. The cryptocurrency analyst did not provide specific goals for this next phase. However, the accompanying chart showed that Dogecoin may finally reach the $1 level and even It rose further to $2.9.
This $2.9 target could represent the highest price for Dogecoin this market cycle, as Master Kenobi previously predicted that the first meme would reach around $3. He also stated that any target exceeding $5 this market cycle is unrealistic.
At the time of writing, Dogecoin’s price is trading at around $0.42, rising over the past 24 hours, according to CoinMarketCap data.
Featured image created with Dall.E, chart from Tradingview.com