After the recent decline in price performance Dogecointhe largest meme coin In the past few days, speculation and doubts about DOGE’s ability to reach a new all-time high in the short term have emerged within the cryptocurrency community.
Dogecoin’s record-breaking race may be postponed
It was presented by technical analyst and investor Master Kenobi Visions about Dogecoin’s short-term potential, noting that the dog-themed meme coin’s path to a new peak before the end of the year may not be achieved. The expert made these bold claims in a recent analysis on the X platform (formerly Twitter), which caused extreme frenzy in the DOGE community.
Citing a combination of market dynamics, macroeconomic conditions and fading momentum, the analyst opines that DOGE’s price strength may not be enough to break through its current price. Highest level ever. This means that the meme is set to enter a consolidation phase before resuming its rise to historic highs the following year.
According to the market expert, considering the duration since the last time Bitcoin halvingThe 40-day acceleration trend indicates that the red consolidation phase appeared one week earlier than expected. As a result, Mr. Kenobi believes there will likely be a one- to three-week consolidation phase in this period, which is a good thing because it is already happening now.
Given the development, Mr. Kenobi is less confident that a new all-time high for DOGE will occur by the end of the year. Rather Same angle It may reach a new peak by the first half of January, indicating a great start for DOGE in the following year.
Moreover, the expert noted that the long-awaited Dogecoin rally will coincide with it Donald TrumpReturn to the White House as the new President of the United States. This is due to the US elections, which caused the forecast to deviate about 3 weeks from the normal cycle trend, making it a crucial scenario to consider.
So far, investors and traders are paying attention to DOGE’s current price action in order to reevaluate their positions, as the development could signal the beginning of a much larger upward trend for the meme coin.
Short rally coming for DOGE?
Noting the key indicators in the 2021 bull cycle, Daan Crypto Trades, another experienced technical analyst, says, expected DOGE breaks to higher levels soon, sparking optimism about its short-term potential. The daily chart shows that Dogecoin has been stuck between two important weekly levels since the 2021 rally.
As key levels of 2021 re-emerge, the expert noted that the $0.35 and $0.45 levels are the next crucial targets to pay attention to, noting that the high-volume node provides good support for Doug Above $0.38. However, for the meme coin to start rising, it must test the $0.45 price mark.
Featured image from Unsplash, chart from Tradingview.com