The Dogecoin price action has returned into a bullish trend in the past 24 hours after spending the majority of the past seven days on a correction path. Particularly, the Dogecoin price is currently up by about 4.5% in the past 24 hours.
According to crypto analyst Master Kenobi, Dogecoin’s market movement appears to be mirroring past cycles but with a significant twist; events are unfolding two months ahead of schedule. His insights, shared on social media platform X, predicted that the Dogecoin price is on its way to new heights up to the $2.9 mark.
Early Start For The Dogecoin Price Cycle In 2024
In his analysis, Master Kenobi noted that this year’s cycle began on September 2, 2024, compared to the November 3, 2020 start of the previous one. This two-month lead has seemingly influenced how price action and key breakout patterns have changed compared to the previous cycle. Nonetheless, he emphasizes that the movement so far aligns with the long-range predictions he has developed over the past year and a half.
His analysis draws attention to Dogecoin’s history of massive breakouts, particularly during its past cycles when it surged from its established green trendline to touch higher orange trendlines shown in the chart below. According to Kenobi, this historical precedent reinforces the belief that a new Dogecoin price all-time high (ATH) could be reached in the next two weeks.
The Bullish Targets: $1.08, $2.90, Or Somewhere In Between
Kenobi’s DOGE chart highlights two key price targets for the Dogecoin price this cycle. The first is the yellow line at approximately $1.08, which is a more conservative projection. Although conservative, reaching the $1.08 mark would represent a 166% increase from the current price and see the Dogecoin price breaking above its current all-time high of $0.7316.
The second, more ambitious target is a 616% increase to the orange line at $2.90. While this might seem like an overly optimistic target, history has already demonstrated the feasibility of such dramatic moves in the past two bull cycles.
Although the orange line projection at $2.90 is the most optimistic target, Kenobi considers a midway target to be more realistic. By doubling the previous ATH or reaching halfway to the orange line, the Dogecoin price would land in the range of $1.40 to $1.45. This would still represent a significant breakout and align with the bullish trendline seen on the charts.
At the time of writing, Dogecoin is trading at $0.405. If the analyst’s predictions hold, Dogecoin might be on the verge of a new ATH within the next two weeks. Furthermore, the analysis suggests that the timing is around December 2, 2024. Such a move would see the Dogecoin price overperforming every other crypto asset and overtaking the likes of XRP and BNB in market cap.
Featured image created with Dall.E, chart from Tradingview.com
Read the full article here