Emily Walker
Crypto analyst Jacob Canfield has pointed out the potential for Dogecoin to mirror the recent upward movement seen with XRP. He noted that there are striking resemblances in the trading patterns of Dogecoin and XRP.
Could Dogecoin Follow XRP’s Path?
In a recent post on X, Jacob Canfield speculated that Dogecoin might be on the brink of a rally similar to that of XRP. According to him, Dogecoin’s trading behavior in short time frames resembles that of XRP, with DOGE successfully turning previous resistance levels into support. He described the price movements as “quite clear.”
Canfield believes that if Dogecoin continues on this path, it could experience significant gains akin to XRP’s recent achievements. Notably, Dogecoin had its own noteworthy rally last month, surging by 161% in November. Since then, prices have steadied around $0.4, indicating readiness for another upward move. Canfield’s analysis suggests the next price surge could see DOGE breaking past the $0.48 mark, while the $0.55 and $0.66 levels are critical points to monitor, corresponding to the 1.618 and 2.618 Fibonacci levels.
DOGE Poised for a Significant Upswing
Another analyst, Master Kenobi, echoed similar sentiments, asserting that Dogecoin is on the cusp of a significant price shift. He compared Dogecoin’s current situation to its previous cycles. According to him, historical trends show a pattern of 25 days of consolidation before major breakouts, and since Dogecoin has experienced a comparable consolidation since its early November spike, a significant price movement appears imminent.
Master Kenobi noted that Dogecoin is currently at day 21 of its consolidation phase, suggesting a potential price surge could occur within the next few days. While he didn’t specify exact targets, his analysis implies that DOGE could reach the $1 mark and potentially rise to $2.9.
The $2.9 target might represent the peak price for Dogecoin during this market phase, as Master Kenobi had earlier projected a cap around $3, indicating that any projections exceeding $5 seem improbable within the current cycle.
As of the latest updates, Dogecoin is trading at approximately $0.42, reflecting an increase over the past 24 hours, based on data from CoinMarketCap.