The recent spike in Dogecoin prices may have slowed, resulting in a brief price pullback after hitting a high $0.42 level. However, the dog-themed meme coin’s rise could only be the beginning, with many cryptocurrency analysts predicting a potential surge to new all-time highs, particularly the $1 barrier.
Is the $1 achievement still within reach for Dogecoin?
In a comparative analysis, Master Kenobi, a market expert, said, repeat His expectations for Dogecoin to rise to unprecedented levels, expressing his confidence that the $1 level is within reach. This prediction is part of a broader view that the meme coin could reach this pivotal level in the ongoing cycle based on previous cycle trends.
Before reaching the $1 level, Kenobi highlighted that once prices start moving towards a new level again, the current all-time high of $0.7, an area that corresponds to a market valuation of around $100 billion, will likely be the first. STOP DOGE. The expert also pointed out that these two levels are critical and psychological areas that reduce the possibility of strong rejection.
While an all-time high could lead to rejection and a period of consolidation when viewed alone, DOGE hits $100 billion Market value In the ATH area there will be a “huge free advertisement” for the meme coin, which may promote further price growth.
As for the one dollar level, Kenobi stresses that this achievement is more important and that it is “not far away.” Since the beginning of DOGE, there have been expectations about the group, and the expert claims that the excitement that the development will create once DOGE reaches the level may pose a challenge BitcoinMoment to $10,000 in November 2017.
However, if the market rises in the coming days, he is confident that Dogecoin could surpass $1 by December 1, citing November 29 as a crucial day to watch. “Momentum could push it higher, but I don’t expect it to go beyond $1.2 to $1.3 before it faces a bigger pullback,” he added.
There are two scenarios that could happen next
Citing historical trends and indicators, Kenobi emphasized two main scenarios that investors should look out for as they navigate DougCurrent price action. These include a short slack followed by a smaller pump and a longer slack followed by a stronger pump.
According to the analyst, the previous session witnessed a period of stagnation at the intersection with the blue trend line indicated in his chart. At the same time, negotiations in this area appear to have proceeded more smoothly in the current session.
Moreover, at the intersection with the green trend line in the previous session, there was a period of stagnation that lasted about a month. When this happened, Kenobi stated that Same angle Prices rose rapidly after the green line broke, reaching the orange line within 10 days. Although the expert is not sure how long the consolidation phase will be this time, he is confident that it will not last up to one month.
Featured image from Adobe Stock, chart from Tradingview.com
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