Crypto analyst Master Kenobi provided a bullish update for the price of Dogecoin, predicting that the leading coin can reach $2.8. In his update, the analyst also explained why the outlook for Dogecoin is still bullish.
Dogecoin Price at $2.8 and Why It May Happen
In his DOGE update, Master Kenobi shared an accompanying chart showing that Dogecoin price could rally back to $2.8 in this market cycle. The analyst further explained why the outlook for Dogecoin seems so optimistic. First, he hinted at the “zooming out” outlook, which remains optimistic, although the timeline may shift slightly to align more closely with a potential decline in Bitcoin dominance.
By analyzing the graph, Master Kenobi said the price of Dogecoin could currently be equivalent to January 4, 2021, during the 2021 bull run. If this is the case, the analyst said there could be a period of volatility. He revealed that something similar happened during the last cycle, when the price fell 55% over two red weeks.
Master Kenobi once again addressed the 91 day streakwhich, he reaffirmed, remains valid. He added that this streak will end on December 9. If this does not happen, the analyst said the window for the streak to end would be between December 9 and December 23, 2024.
Based on the trend of the previous cycle, Master Kenobi predicts that Dogecoin price could reach this target of $2.8 between December 9 and 23. However, he noted that he still remained grounded as he could not imagine what fundamentals could trigger such a massive movement.
At the same time, the analyst said that the conservative plan suggests that a range of $1 to $1.45, which is double the current all-time high (ATH) of Dogecoin price, is more plausible for this period.
Why DOGE is the main focus
Master Kenobi is known for focusing on the price of Dogecoin in his analysis, and in his recent analysis he explained why Dogecoin continues to remain the price of Dogecoin. major objective. According to him, he prefers to study DOGE because it provides the most data to analyze. He added that the most prominent meme coin also serves as a representative for altcoins to a greater or lesser extent.
The analyst also mentioned that he could analyze utility partswhich are not meme coins, but it completely ignores their technological advances. Master Kenobi noted that he views these technological advances as “fugazi” and a distraction from what really matters.
To conclude the Dogecoin price update, Master Kenobi said that if Dogecoin closes this week in green, it will be the second longest streak of the year. The History of DOGEwith six consecutive green weeks. The longest streak lasted eight weeks, between November 2017 and January 2018.
At the time of writing, Dogecoin price is trading at around $0.42, down more than 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com