Crypto analyst Master Kenobi has shared an optimistic outlook for Dogecoin’s price, suggesting that the top meme currency could surge to as high as $2.8. In his analysis, the expert outlined the reasons for Dogecoin’s persistently positive prospects.
Dogecoin Price Target: $2.8 and Its Possibilities
In his analysis for DOGE, Master Kenobi presented a chart indicating that the price of Dogecoin may rally towards $2.8 within this current market cycle. He elaborated on why the outlook for Dogecoin appears so optimistic. Firstly, he referenced the “zoom-out” perspective, which remains favorable, albeit with a slight adjustment in the time frame that may synchronize with a potential downturn in Bitcoin dominance.
In reviewing the chart, Master Kenobi remarked that the current Dogecoin price could be likened to its position on January 4, 2021, during the bullish phase of that year. If this comparison holds true, he indicated that a period of volatility might be anticipated, citing a similar occurrence in the previous cycle when prices experienced a 55% decline over two weeks of losses.
Master Kenobi also pointed out the 91-day sequence, reaffirming its continued validity. He mentioned that this sequence is expected to conclude by December 9. Should this not take place, he noted that the sequence could wrap up sometime between December 9 and December 23, 2024.
Taking cues from previous trends, Master Kenobi anticipates that the Dogecoin price might reach the $2.8 target during the timeframe between December 9 and December 23. Nonetheless, he mentioned that he remains cautious, expressing uncertainty regarding what fundamentals might drive such a substantial increase.
In contrast, the analyst suggested that a more conservative estimate would place Dogecoin’s price range between $1 and $1.45, effectively doubling its previous all-time high (ATH).
Why Dogecoin Remains a Major Focus
Master Kenobi is well-regarded for concentrating his analysis on Dogecoin, and in his latest commentary, he articulated the reasons for this persistent focus. He pointed out that he prefers to examine DOGE due to its abundant data available for analysis. According to him, this leading meme coin also serves as a benchmark for other altcoins.
The analyst further noted that while he could analyze various utility coins beyond meme coins, he tends to overlook their technological developments. Master Kenobi described these advancements as “fugazi,” viewing them as distractions from the core of the matter.
To wrap up the Dogecoin price update, Master Kenobi observed that if Dogecoin finishes this week positively, it will mark the second-longest period of consecutive gains in DOGE’s history, with six successive weeks of growth. The record stands at eight weeks, achieved between November 2017 and January 2018.
As of this writing, Dogecoin’s price is hovering around $0.42, reflecting a decline of over 2% in the last 24 hours, as reported by CoinMarketCap data.
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