Emily Walker
Crypto analyst Master Kenobi has shared an optimistic forecast for Dogecoin, suggesting it might reach $2.8. He elaborated on the reasons behind this positive outlook.
Potential Surge of Dogecoin to $2.8
Master Kenobi provided a chart indicating that Dogecoin could climb to $2.8 during this market cycle. He pointed out that maintaining a longer-term perspective remains positive, although slight adjustments might be necessary due to possible shifts in Bitcoin’s dominance.
Analyzing the chart, Master Kenobi mentioned that current Dogecoin prices may reflect those seen on January 4, 2021, during a previous bull market. According to his assessment, this may lead to some price fluctuations, recalling a similar situation from last time when prices dropped by 55% over two weeks.
He also discussed a 91-day cycle that is still in play, set to end on December 9. If it doesn’t conclude then, it could extend till between December 9 and December 23, 2024.
Using patterns from prior cycles, Master Kenobi suggests that Dogecoin might reach the $2.8 mark within the specified time frame but acknowledged uncertainty over what could drive such a significant increase.
In a more cautious scenario, he proposed that a price range of $1 to $1.45—which is double the previous all-time high—may be more realistic for this period.
Focus on Dogecoin
Master Kenobi explained his keen interest in Dogecoin, stating that it offers ample data for his analyses. He believes Dogecoin represents altcoins effectively, making it a focal point in his studies.
While he could analyze utility coins, he finds their technological progress to be less relevant and a diversion from the essential elements of investment.
To sum up his Dogecoin outlook, Master Kenobi noted that if Dogecoin finishes this week positively, it will achieve a six-week streak of price increases, which would be the second longest in its history, closely following an eight-week streak between November 2017 and January 2018.
Currently, Dogecoin trades around $0.42, reflecting a decline of over 2% in the last 24 hours, according to CoinMarketCap.