Following a recent resurgence in the general market, Dogecoin has started to show bullish momentum towards higher price levels, which has reignited optimism about its potential to surpass its previous all-time high and set a new high in the ongoing market cycle.
A jump to a new all-time high for Dogecoin
Delving into the current price action of Dogecoin, seasoned market expert and investor, Master Kenobi, underlines DOGE’s path to a new all-time high while providing a potential timeline for this milestone. As the crypto community awaits this historic moment, the market expert says DOGE reaching a new high is much closer than expected.
Master Kenobi’s prognosis is based on an alignment of events of approximately two months between this current cycle and the previous one. “Back then, the start was on November 3, 2020, while this time the kick-off was on September 2, 2024,” he added.
Given that Master Kenobi’s long-term predictions for Dogecoin over the past 1.5 years have come true, he is confident that what comes next will likely match the rest of his expectations. Consequently, the analyst asserts that the dog theme coin is at most two weeks away from reaching a new all-time high, especially between December 2 and 9, considering the weekly DOGE chart.
While several community members may express disbelief in this prediction, Kenobi drew attention to the last two market cycles in which Dogecoin experienced a breakout to past highs, suggesting that history could repeat itself and DOGE could experience a massive breakout from the green trendline to the orange line as shown in its chart.
Since the expert is confident that Dogecoin will hit a new all-time high in the coming weeks, he expressed his deep satisfaction with historical price trends as they are the only reliable resource for insight into the future of DOGE.
Meanwhile, following his rally, Kenobi anticipates the next target halfway to the orange line positioned at $2.90 level or double the previous all-time high price, which would place the meme coin between $1.40 and $1.45 in the coming weeks.
As optimism grows and DOGE gains traction across various sectors, traders and investors are closely watching for further signs of a sustained bullish direction in anticipation of an important rally to new heights similar to past trends.
DOGE in a consolidation phase?
In recent days, DOGE fluctuated between the $0.36 and $0.42 levels, sparking speculation about a possible consolidation phase. Given the renewed market strength, DOGE’s trend within the range could be brief as current momentum could strengthen the meme coin’s uptrend.
Dogecoin shows upside potential, rising 1% over the past day despite a drop in its daily trading volume. Meanwhile, from a broader perspective, like on the weekly and monthly time frames, the meme coin increased by over 4% and 141%, respectively.
Featured image from Unsplash, chart from Tradingview.com