Crypto analyst Jacob Canfield raised the possibility of Dogecoin price replicating the recent XRP Rally. This came as the analyst pointed out the similarities between Dogecoin’s recent price action and that of XRP.
Dogecoin price to replicate the XRP rally?
In a post Jacob Canfield suggested that Dogecoin price could soon replicate XRP’s recent rally. He said that Dogecoin was trading similarly to XRP in the lower timeframes. DOGE keeps old resistances as support and trades in a “fairly simple” manner.
Based on this, the price of Dogecoin could lead to a rise XRP Rally and witness massive gains like the one XRP has seen over the past few weeks. It is worth mentioning that Dogecoin saw a similar rally last month. Earlier in November, DOGE recorded a parabolic rally, which led to a 161% gain during that month.
Since then, Dogecoin price has consolidated around the $0.4 range, although it appears well poised for another rise. The attached chart from Canfield shows that Dogecoin’s next rally could take it above the $0.48 level. Meanwhile, he highlighted the $0.55 and $0.66 price levels as the ones to watch, as that is where the 1.618 and 2.618 levels lie. Fibonacci Levels are, respectively.
DOGE on the verge of a major move
Crypto analyst Master Kenobi recently stated that Dogecoin price is poised for a major move, further suggesting that the meme coin could soon replicate XRP’s rally. Master Kenobi predicted a major move by analyzing Dogecoin’s recent price action compared to the previous cycle.
The crypto analyst noted that in the previous cycleit took 25 days of consolidation before a significant breakout occurred. If history repeats itself, he believes that Dogecoin price is poised for a major move, as it has also consolidated for a similar period since its rally in early November.
Master Kenobi said that the Dogecoin price is already on the 21st day of this consolidation, which means that the move to the next level could take place in the next three to four days. The crypto analyst did not give specific goals for this next step. However, the accompanying chart shows that Dogecoin could finally reach the $1 mark and even further rise to $2.9.
This $2.9 target could mark Dogecoin’s price peak in this market cycle, as Master Kenobi previously predicted that the top meme coin would reach around $3. He also mentioned that any target above $5 in this market cycle is unrealistic.
At the time of writing, the Dogecoin price is trading at around $0.42, up over the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com