Emily Walker
Recently, there has been a decline in Dogecoin’s price, the foremost meme coin, leading to growing speculation and uncertainty regarding its ability to achieve a new all-time high soon within the crypto community.
Dogecoin’s Record-Breaking Surge Might Be Delayed
Expert analyst Master Kenobi has shared predictions on Dogecoin’s near-term prospects, suggesting that reaching a new peak by year-end appears unlikely. This analysis, published on X (formerly Twitter), has stirred considerable excitement among DOGE fans.
Kenobi highlights that a mixture of market forces, broader economic factors, and diminishing momentum imply that DOGE may struggle to surpass its previous high. He posits that the coin will likely experience a consolidation phase before making its way back to previous highs in the ensuing year.
Analyzing trends since the last Bitcoin Halving, the expert notes that a significant red phase of consolidation emerged sooner than expected, suggesting it could last one to three weeks. Fortunately, this phase seems to be already in progress.
Given the current situation, Kenobi is not optimistic about a year-end all-time high for DOGE. Instead, he predicts that a new peak may be on the horizon in early January, potentially signaling a strong beginning for DOGE in the new year.
Moreover, he mentions that the anticipated Dogecoin rally might coincide with Donald Trump’s return to the presidency of the United States, as the upcoming elections are expected to alter conventional forecasting timelines by approximately three weeks, making this scenario significant to consider.
Investors and traders are currently monitoring DOGE’s pricing closely to adjust their strategies, which could indicate the onset of a more substantial upward trend for the meme coin.
Is a Brief Rally on the Way for DOGE?
According to Daan Crypto Trades, another knowledgeable analyst, there are signs based on 2021’s bullish patterns that DOGE might experience upward movement soon, sparking optimism about its immediate future. Analysis of the daily chart shows that Dogecoin has been range-bound between critical weekly levels since the 2021 bull market.
With key levels from 2021 reemerging, the analyst identifies $0.35 and $0.45 as essential targets, pointing out that a significant trading volume node has been providing robust support for DOGE above $0.38. However, for DOGE to catalyze a rally, it needs to test the $0.45 mark.