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DOGECOIN’S THIRD AND FINAL LEAP? ANALYST HIGHLIGHTS POTENTIAL MID-AUGUST PEAK

by Scott Matherson
6 hours ago
in Altcoins
0


Like many other cryptocurrencies, Dogecoin’s price action in the past week has
been highlighted by a notable correction. Dogecoin, in particular, saw its price
break below $0.3 for the first time in four weeks, leading to a bottom below
$0.27.

Related Reading: Fed Can’t Hold Bitcoin, No Plans Yet To Change Law, Powell Says

According to an interesting take by crypto analyst Master Kenobi, Dogecoin could
continue on a gradual decline in the next few months before another strong move
upwards.




INTERESTING OUTLOOK FOR DOGECOIN PRICE

Although Dogecoin has recovered above the $0.3 mark at the time of writing,
Master Kenobi recently teased the possibility of the leading meme coin to
continue on a gradual decline in the short term. Sharing his thoughts on the
social media platform X, the analyst outlined a potential roadmap for DOGE,
predicting a period of decline followed by an explosive rally.

“What if DOGE…is gearing up for its third and final leap in such a scenario?”
Kenobi speculated.

According to his observation, the cryptocurrency might experience a gradual drop
in value until mid-April, culminating around April 15. In terms of a price
target, this decline could see the Dogecoin price falling to as low as $0.175,
which would essentially erase most of its gains in the past two months or so.

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Following this decline, the analyst suggested, Dogecoin could embark on a strong
upward trajectory starting May 5, with the rally potentially peaking in
mid-August. This rally is predicted to be highlighted by a break into new
all-time highs above the current one of $0.74, with an eventual peak above $1 by
August 18. 





Image From X: Master Kenobi


TIMELINES PUT THE RALLY MUCH CLOSER

Kenobi’s outlook on Dogecoin seems to deviate from the current sentiment among
Dogecoin investors and other analysts, especially the bearish first half of his
prediction. Nonetheless, it also remains a possibility, considering the
unpredictable nature of cryptocurrencies. 

DOGE is currently trading at $0.32. Chart: TradingView

Interestingly, Kenobi made it clear that his post was purely speculative. “Not
saying it will happen, but it caught my eye, and I thought I’d share it with you
too,” he noted.

The general consensus is that Dogecoin is resuming its uptrend along the rest of
the crypto market very soon. If not in the last few days of 2024, surely
sometime in early 2025. In another recent analysis, Master Kenobi noted that the
RSI indicator points to Dogecoin resuming its uptrend in the next few weeks.

Related Reading: From Fame To Fallout: ‘Hawk Tuah Girl’ Faces Legal Heat After
90% Coin Plunge

Dima James, another crypto analyst, noted that Dogecoin is still able to reach
above $10 this cycle. This bullish sentiment is also echoed by another analyst
known as Trader Tardigrade, who noted that Dogecoin is well on track to reaching
above $1 sooner than later.

Featured image from DALL-E, chart from TradingView


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SCOTT MATHERSON

Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp
analytical mind and a deep understanding of the digital currency landscape.
Scott has earned a reputation for delivering thought-provoking and
well-researched articles that resonate with both newcomers and seasoned crypto
enthusiasts. Outside of his writing, Scott is passionate about promoting crypto
literacy and often works to educate the public on the potential of blockchain.




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