Emily Walker
Recently, Dogecoin, like several other cryptocurrencies, experienced a significant price correction, causing it to drop below the $0.3 mark for the first time in a month, reaching lows under $0.27.
Crypto analyst Master Kenobi has shared insights suggesting that Dogecoin may face further gradual decline in the upcoming months before bouncing back strongly.
Future Forecast for Dogecoin’s Price
As of now, Dogecoin has managed to rise above $0.3, but Master Kenobi hinted at a potential short-term decline for the popular meme cryptocurrency. He outlined a possible trend on the platform X, forecasting a drop followed by a vigorous increase.
Kenobi wondered if Dogecoin could be preparing for a significant surge in a future scenario. He noted that the price might keep decreasing until around mid-April, with a possible low of $0.175, significantly undermining its recent gains.
After this decrease, he speculated that Dogecoin could initiate a strong upward movement starting May 5, potentially reaching new heights in mid-August. Kenobi predicts that this surge could surpass Dogecoin’s current record of $0.74, aiming for an impressive peak above $1 by August 18.
Anticipated Rally Timeline
Kenobi’s predictions stand in contrast to the prevailing sentiment among Dogecoin investors, especially with the initial bearish outlook. However, given the volatile nature of cryptocurrencies, this prediction remains a possibility.
It’s important to note that Kenobi clarified his analysis is speculative, implying that while it caught his attention, it’s not guaranteed to materialize.
Currently, many believe that Dogecoin is poised to resume its upward trajectory along with the broader cryptocurrency market, potentially toward the end of 2024 or at the start of 2025. Kenobi also pointed out that the Relative Strength Index (RSI) suggests an upcoming bullish trend for Dogecoin in the near weeks.
Another analyst, Dima James, remarked that Dogecoin could potentially reach above $10 in this market cycle. This positive outlook is supported by Trader Tardigrade, who indicated that Dogecoin is on a path to surpass $1 in the near future.
Featured image from DALL-E, chart from TradingView