Dogecoin price action is taking place returned to the upward trend, i.en in the last 24 hours after spending most of the last seven days on the corrective path. Notably, the price of Dogecoin is currently up by approximately 4.5% in the last 24 hours.
According to cryptocurrency analyst Master Kenobi, Dogecoin’s market movement appears to mirror previous cycles, but with a significant twist; Events take place two months ahead of schedule. His observations, shared on social media platform X, predicted that Dogecoin’s price would be around on the way to modern heights up to $2.9.
Early start of the Dogecoin price cycle in 2024
In his analysisMaster Kenobi noted that this year’s cycle began on September 2, 2024, compared to the previous cycle’s start on November 3, 2020. This two-month lead has apparently impacted how price action and key breakout patterns have changed compared to the previous cycle. However, he emphasizes that the move so far is in line with the long-term predictions he has been developing over the last year and a half.
His analysis highlights Dogecoin’s history of massive breakouts, particularly during its previous cycles, where it rose from its established green trendline to the higher orange trendlines shown in the chart below. According to Kenobi, this historical precedent reinforces the belief that a modern price record for Dogecoin (ATH) may be reached in the next two weeks.
Bullish targets: $1.08, $2.90 or somewhere in between
Kenobi’s DOGE chart highlights two key price targets for Dogecoin price this cycle. The first is the yellow line at around $1.08, which is a more conservative forecast. While conservative, reaching $1.08 would represent a 166% upside from the current price and would see Dogecoin price break above its current all-time high of $0.7316.
Second, a more ambitious goal represents a 616% enhance from the orange line of $2.90. While this may seem like an overly bullish goal, history has already demonstrated the feasibility of such dramatic moves over the past two bull cycles.
While the orange line forecast of $2.90 is the most bullish target, Kenobi believes the intermediate target is more realistic. By doubling the previous ATH or reaching halfway to the orange line, the price of Dogecoin will land in the range of $1.40 to $1.45. This would still represent a significant breakout and would coincide with the bullish trend line evident on the charts.
At the time of writing, Dogecoin is trading at $0.405. If analysts’ predictions are true, Dogecoin may be on the market on the threshold of the modern ATH in the next two weeks. Moreover, analysis suggests that the deadline is around December 2, 2024. Such a move would cause Dogecoin’s price to outperform all other crypto assets and overtake assets such as XRP and BNB in terms of market capitalization.
Featured image created with Dall.E, chart from Tradingview.com
