After a recent resurgence in the general market, Dogecoin has begun to show upward momentum toward higher price levels, which has fueled optimism about its potential to surpass the previous all-time high and set a new peak in the ongoing market cycle.
A jump to a new record for Dogecoin
Seasoned market expert and investor Master Kenobi has delved into Dogecoin’s current price action underlined DOGE’s path to a new all-time record while providing a potential time frame for the milestone. While the crypto community waits for this historic moment, the market expert claims that DOGE is much closer to reaching a new peak than widely expected.
Master Kenobi’s prognosis is based on aligning events approximately two months ahead between this current cycle and the previous one. “Back then it started on November 3, 2020, while this time it started on September 2, 2024,” he added.
Considering that Master Kenobi’s long-term prediction for Dogecoin for the past 1.5 years has come true, he is confident that what comes next will likely fit in with the rest of his expectations. As a result, the analyst claims it is a dog theme same angle It is at most two weeks away from hitting a new all-time high, especially between December 2 and 9, given DOGE’s weekly chart.
While several community members may express disbelief in this prediction, Kenobi has drawn attention to the last two market cycles in which Dogecoin saw a breakout to previous peaks, suggesting that history could repeat itself and DOGE could experience a massive breakout from the green trend line to the orange line as shown in his chart.
As the expert is confident that Dogecoin will reach a new all-time high in the coming weeks, he has expressed great satisfaction with historical price developments because they are the only reliable source to get a glimpse of DOGE’s future.
Meanwhile, after his rally, Kenobi anticipates the next target halfway along the orange line, positioned at the $2.90 level or double its previous all-time high, which would put the meme coin between $1.40 and $1.45 in the coming weeks.
With optimism brewing and DOGE gaining traction across sectors, traders and investors are closely watching for more signs of continued upside ahead of an important rally to new highs, similar to past trends.
DOGE in a consolidation phase?
The past few days DOGE fluctuated between the levels of $0.36 and $0.42, sparking speculation about a possible consolidation phase. Given the renewed strength in the market, DOGE’s trend within this range could be short-lived as the current momentum could reinforce the meme coin’s uptrend.
Dogecoin is showing upside potential and is up 1% over the past day despite a decline in daily trading volume. Meanwhile, in the bigger picture, such as the weekly and monthly time frames, the meme coin is up over 4% and 141% respectively.
Featured image from Unsplash, chart from Tradingview.com