Top Analyst Predicts Dogecoin Could Hit All-Time High in December, Backed by DOGE Price Analysis
Master Kenobi shared a price analysis with his more than 18,000 followers on X to show that the price of Dogecoin might reach an all-time high (ATH) in December 2024. His analysis is based on historical price patterns and the alignment of key events in the cryptocurrency market.
The analyst notes that the current cycle appears to have started on September 2, 2024. This is roughly two months earlier than in the previous cycle, which began on November 3, 2020. This timing aligns with a prediction he has been developing over the last 1.5 years.
By reviewing DOGE’s price chart, he anticipates that the cryptocurrency could achieve a new ATH around December 2, 2024. He emphasizes that, while this projection may seem ambitious, historical trends suggest that significant price movements are indeed possible.
What you'll learn 👉
DOGE Price Analysis
In his analysis, Master Kenobi breaks down Dogecoin’s price action using a logarithmic scale and various trendlines, providing a detailed context to his forecast.
The analyst highlights key dates in Dogecoin’s history, notably February 27, 2017, which marked the start of a significant upward trend, and the notable breakout on November 3, 2020.
He identifies September 2, 2024, as the start of the current cycle, following a pattern of approximately 1,350 to 1,400 days between major breakout events, reinforcing his confidence in predicting future movements.
Green Trendline (Support): This trendline represents a long-term accumulation phase where DOGE has historically found support before embarking on rallies.
Yellow Trendline (Intermediate Resistance): The analyst projects that Dogecoin could reach this line at approximately $1.08, serving as a mid-term resistance level.
Orange Trendline (Major Resistance): This level signifies the peak during parabolic runs, with a target price of around $2.90 for this cycle.
Blue Trendlines: These lines mark long-term support zones, outlining the lower bounds of DOGE’s price action across cycles.
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Key Projections and Expectations
Master Kenobi forecasts a new ATH by December 2, 2024, in line with historical breakout patterns. The earlier alignment of events compared to past cycles adds credibility to his prediction. He outlines three potential targets:
- Conservative Target: $1.08 at the yellow trendline.
- Aggressive Target: $2.90 at the orange trendline.
- Mid-Range Target: Between $1.40 and $1.45, reflecting either a doubling of the previous ATH or a midpoint to the orange line.
The analyst’s confidence is bolstered by historical surges in DOGE’s price from the green trendline to the yellow and orange lines in previous cycles. He addresses skepticism by pointing out that disbelief often accompanies past breakouts.
While Master Kenobi’s model suggests potential upside, he advises traders to maintain caution, as market dynamics can change unexpectedly. He encourages an open-minded approach, using historical data as a guide while remaining receptive to the possibility of significant price movements.
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