Emily Walker
Recently, Dogecoin’s price has entered a bullish trend after a week of declining prices. In the last 24 hours alone, Dogecoin has seen an increase of approximately 4.5%.
Crypto expert Master Kenobi suggests that Dogecoin’s current market activity aligns with previous cycles but with a notable difference: these developments are happening two months earlier than expected. He recently shared on social media that he anticipates Dogecoin will climb to around $2.9.
Dogecoin’s Price Cycle Begins Early in 2024
Master Kenobi indicates that the ongoing cycle commenced on September 2, 2024, which is notably earlier than the previous cycle that started on November 3, 2020. This earlier onset may have altered price movements and breakout patterns compared to what was seen before. However, he reassures that current trends are still in accordance with the long-term forecasts he crafted over the last eighteen months.
His analysis highlights Dogecoin’s history of significant price surges, especially in prior cycles as it moved from its established support level to higher resistance levels displayed in the accompanying chart. Kenobi believes this historical context supports the idea that Dogecoin could reach a new all-time high (ATH) within the next two weeks.
Potential Price Targets: $1.08, $2.90, or Something In Between
Kenobi outlines two main targets for Dogecoin’s price during this cycle. The first is a conservative estimate around $1.08 (the yellow line), which, while cautious, would reflect a 166% increase from current prices, surpassing Dogecoin’s previous all-time high of $0.7316.
The second, more ambitious target is $2.90 (the orange line), indicating a striking 616% rise. Despite seeming high, prior bull cycles have suggested such surges are possible.
While the $2.90 target is optimistic, Kenobi suggests a midpoint target could be more achievable. By aiming for a price that is twice the previous ATH, Dogecoin could realistically be in the range of $1.40 to $1.45. This scenario still represents a noteworthy breakout and supports the ongoing bullish trend indicated in the charts.
As of now, Dogecoin is priced at $0.405. If Kenobi’s forecasts come to fruition, Dogecoin could be poised to reach a new ATH by around December 2, 2024. Such a surge would likely allow Dogecoin to outperform other cryptocurrencies, positioning it ahead of XRP and BNB in market capitalization.