Dogecoin’s recent significant price rally may have slowed, leading to a brief price pullback after reaching the $0.42 level. However, the dog-themed coin’s rally could just be the beginning as several crypto analysts predict a possible rally to new all-time highs, particularly the $1 mark.
Is the $1 mark still within reach for Dogecoin?
In a comparative analysis, Master Kenobi, market expert, reiterated his predictions for Dogecoin at all-time highs, expressing confidence that the $1 milestone is within reach. This prediction is part of a larger outlook that the meme coin could reach this pivotal level in the current cycle, based on past cycle trends.
Ahead of the $1 mark, Kenobi pointed out that once prices start moving again towards a new level, the current all-time high of $0.7, an area that corresponds to a market valuation of almost $100 billion , would probably be the first. stop for DOGE. The expert further noted that these two levels are crucial and psychological areas that reduce the likelihood of strong rejection.
While the all-time high may lead to rejection and a period of consolidation when considered alone, DOGE hits the $100 billion mark. market capitalization In the ATH region, there would be “free mega advertising” for the meme coin, which could further stimulate price growth.
As for the $1 level, Kenobi says the milestone is even more important and “not far away.” Since DOGE’s inception, there have been expectations for the lineup, and the expert says the excitement the development would create once DOGE reaches the level could challenge Bitcointo $10,000 in November 2017.
However, in case the market rises in the coming days, he is confident that Dogecoin could surpass $1 by December 1, highlighting November 29 as a crucial day to watch. “The momentum could even push it higher, but I wouldn’t expect it to go above $1.2 to $1.3 before facing a more substantial pullback,” he added.
Two scenarios that could happen next
Citing historical trends and indicators, Kenobi highlighted two key scenarios that investors should watch out for as they navigate. DOGEcurrent price action. These include a brief stagnation followed by a smaller pump and a longer stagnation followed by a strong pump.
According to the analyst, the previous cycle saw a period of stagnation at the intersection with the blue trend line shown in his chart. Meanwhile, it appears that negotiations in this area have gone more smoothly during the current round.
Additionally, at the intersection with the green trendline of the previous cycle, there was a period of stagnation that lasted almost a month. When this happened, Kenobi stated that the coin rose rapidly after breaking the green line, reaching the orange line within 10 days. Although the expert is uncertain this time about the duration of the consolidation phase, he is confident that it will not last up to 1 month.
Featured image of Adobe Stock, chart from Tradingview.com