Altcoin
Analyst Reveals How The Dogecoin Price Could Rally To $1.2
Crypto analyst Master Kenobi has predicted that the Dogecoin price could rally to $1.2 in this new year. The analyst further revealed what needs to happen for the foremost meme coin to reach this price target.
How Dogecoin Price Could Rally To $1.2
In an X post, Master Kenobi explained how the Dogecoin price could rally to $1.2. He stated that if DOGE manages to break past its all-time high (ATH) of $0.74 by the end of January, it could potentially test the $1.2 area.
The analyst noted that such a rally could make Dogecoin’s market capitalization align with that of XRP. Master Kenobi added that any rally beyond $1.2 would be a bonus, although not impossible.
He also raised the possibility of Dogecoin rising to $3.4 if the top meme coin reaches the orange trendline, which he highlighted on his accompanying chart by the end of January.
However, Master Kenobi remarked that he doesn’t believe that the foremost meme coin can reach this target at this stage of the bull market. He added that it could happen maybe later this year but not now.
Regarding the current Dogecoin price action, the crypto analyst stated that DOGE seems to have found its consolidation zone in a position of balance. He observed that in the past, pauses between episodes of DOGE’s sharp growth were characterized by periods of correction followed by horizontal consolidation.
In the recent context, Master Kenobi noted that after two weeks of correction, Dogecoin appears to have reached a stabilization level from which it could initiate its next move.
The crypto analyst added that history shows that such stagnation periods before a new impulse typically last, on average, for a few weeks. Master Kenobi mentioned that external events beyond the crypto market could play a significant role, providing the narrative and motivation necessary for the next move.
DOGE Is In The Markup Phase
Crypto analyst Trader provided insights into what stage of the bull run the Dogecoin price is currently in. In an X post, he stated that DOGE is in the markup phase of the Wyckoff market cycle.
Currently, the analyst revealed that DOGE has completed the first wave of the Markup phase. He added that price appreciation could intensify towards the end of this phase, resulting in a “Blow-Off Top.”
This chart pattern is characterized by a rapid, steep price increase. Meanwhile, based on a recent CoinGape market analysis, the Dogecoin price could indeed reach new highs this month.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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