Emily Walker
Crypto expert Master Kenobi has shared insights regarding the current movement of Dogecoin’s price, comparing it to the notable spike seen during the 2021 market surge. He believes that the DOGE/BTC chart is following a similar pattern to that of the past cycle and has made predictions about when Dogecoin might see a significant increase in value.
Anticipation for Dogecoin’s Price Surge
In a recent post on X, Master Kenobi estimated that Dogecoin’s much-anticipated price surge could start in the third week of this month, likely around December 30. He drew comparisons between today’s price trends and those from previous cycles. Notably, he highlighted that although Dogecoin’s price increase began earlier in this cycle, there is a key similarity regarding the Bitcoin halving event.
According to the analyst, the DOGE/BTC chart indicates that the anticipated dip occurred precisely 238 days after the last Bitcoin halving, mirroring the events of the 2021 rally. If this trend continues, Kenobi forecasts that Dogecoin will end this week in the red, followed by two weeks of growth, leading to the expected price surge around December 30.
His analysis suggests that when this anticipated surge occurs, Dogecoin’s price could potentially reach as high as $1.7, setting a new all-time high compared to its current peak of $0.73.
In previous communications, Kenobi stated that the current red phase in Dogecoin’s price action is necessary, expressing a desire for it to have occurred earlier. He also speculated that if the increase doesn’t happen by year-end, a new all-time high could emerge in early January.
Kenobi further speculates that this price rally could align with Donald Trump’s possible return to the presidency, linking it to the ‘Trump Effect’ and the formation of Elon Musk’s Department of Government Efficiency (D.O.G.E). This department name pays homage to Dogecoin, providing a favorable outlook for its price.
Emerging Bullish Signals in Dogecoin’s Chart
Another analyst, Kevin Capital, pointed out a hidden bullish divergence forming on Dogecoin’s daily chart in a post. He cautioned that Bitcoin still needs to demonstrate bullish movement, meaning outcomes are not assured, but he noted that Dogecoin’s price movement is currently exemplary.
Trader Tardigrade also expressed optimism about Dogecoin’s impending rally through a recent analysis. His findings suggested Dogecoin could eventually peak at $30 during this bull run, showing great potential for growth.
Currently, Dogecoin’s price is around $0.41, marking a rise of over 6% in the past day, as reported by CoinMarketCap.