Dogecoin’s recent significant price surge may have slowed down, leading to a brief price pullback after hitting the $0.42 level. However, the dog-themed meme coin’s rally could only be the beginning, as several crypto analysts predict a possible upswing to new all-time highs, particularly the $1 milestone.
$1 Milestone Still Within Reach For Dogecoin?
In a comparative analysis, Master Kenobi, a market expert, reiterated his forecast for Dogecoin to unprecedented heights, expressing his confidence that the $1 milestone is within reach. This prediction is part of a broader outlook that the meme coin could hit this pivotal level in the ongoing cycle based on past cycle trends.
Prior to the $1 milestone, Kenobi highlighted that once prices begin to move toward a new level again, the current all-time high at $0.7, a zone that corresponds with 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 can result in a rejection and period of consolidation when considered alone, DOGE hitting the $100 billion market cap in the ATH region would be a “mega free advertising” for the meme coin, which could bolster more price growth.
As for the $1 level, Kenobi contends that the milestone is even more important and is “not far off.” Since the inception of DOGE, there have been expectations of the range, and the expert claims that the excitement the development would create once DOGE hit the level could challenge Bitcoin‘s moment to $10,000 in November 2017.
However, in the event that the market surges in the upcoming days, he is confident that Dogecoin might surpass $1 by December 1, pointing out November 29 as a crucial day to keep an eye on. “Momentum could even push it higher, but I wouldn’t expect it to exceed $1.2–$1.3 before facing a more substantial pullback,” he added.
Two Scenarios That Could Play Out Next
Citing historical trends and indicators, Kenobi has underscored two key scenarios for investors to look out for as they navigate DOGE’s current 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 had a period of stagnation at the intersection with the blue trendline indicated in his chart. Meanwhile, it appears that negotiations in this zone have gone more smoothly in the ongoing cycle.
Furthermore, at the intersection with the green trendline in the previous cycle, there was a period of stagnation, which lasted for nearly a month. When this occurred, Kenobi stated that the meme coin quickly rose after the green line was broken up, reaching the orange line within 10 days. Although the expert is uncertain of the duration of the consolidation phase this time, he is confident that it won’t last up to 1 month.
Featured image from Adobe Stock, chart from Tradingview.com