Emily Walker
Since November began, Dogecoin has experienced a significant surge in activity, leading to a remarkable inflow trend. As a result, Dogecoin is now trading at a new high for 2024. Recently, it reached the notable $0.30 level, a price point not seen since August 2021.
Currently, there’s a chance that Dogecoin’s price may achieve a new all-time high soon. The upcoming days will be critical in shaping its future. Analyst Master Kenobi highlighted that the next 22 days will be significant for DOGE’s market direction.
Significance of the Next 22 Days for Dogecoin
On social media platform X, Master Kenobi pointed out that Dogecoin tends to follow a 91-day price cycle during market phases. He noted that DOGE is currently on day 69 of this cycle and is entering a crucial stage that could influence its short-term outlook.
This 22-day timeframe presents a chance for Dogecoin to accomplish what Kenobi describes as a “triple milestone”: exceeding a $100 billion market cap, setting a new all-time high, and reaching the $1 price point.
There’s a possibility for Dogecoin’s price to climb between $0.42 and $1 in the next 22 days, thanks to the recent influx of investments into the coin. Achieving the higher end would establish a new all-time high, and hitting $1 would not only signify a peak for Dogecoin but also benefit other meme coins.
However, a challenge lies ahead as the current all-time high stands at $0.7316. Kenobi predicts that DOGE might encounter this resistance soon. Although a temporary setback at this high is possible, he believes that breaking through it would pave the way toward achieving the $1 target.
A price of $1 would indicate a market cap surpassing $100 billion. The analyst emphasized the importance of this psychological threshold, as it would affirm Dogecoin’s maturity and potential as a digital currency. Furthermore, if the triple milestone is met within the next 22 days, it would solidify Dogecoin’s status as a significant asset.
Expected Timelines for DOGE
The last occurrence of such a 91-day cycle was in November 2020. Currently, Dogecoin is trading at $0.2845, reflecting an increase of approximately 25% in the last 24 hours. Based on this technical analysis, predictions indicate that Dogecoin could reach between $0.42 and $1 by December 2, translating to increases of 40% and 250% from the present price, respectively.