Crypto analyst Master Kenobi has provided a bullish update for the Dogecoin price, predicting that the foremost meme coin can reach as high as $2.8. In his update, the analyst also explained why Dogecoin’s outlook is still bullish.
Dogecoin Price To $2.8 And Why It Can Happen
In his DOGE update, Master Kenobi shared an accompanying chart that showed that the Dogecoin price could rally to $2.8 in this market cycle. The analyst further explained why Dogecoin’s outlook looks this bullish. First, he alluded to the “zoom-out” perspective, which remains bullish, although the time frame might shift slightly to align more closely with a potential decline in Bitcoin dominance.
While analyzing the chart, Master Kenobi said that the Dogecoin price may currently be equivalent to January 4th, 2021, in the 2021 bull run. If that is the case, the analyst stated there might be a period of volatility. He revealed something similar happened during the last cycle when the price dropped by 55% over two red weeks.
Master Kenobi again touched on the 91-day sequence, which he reaffirmed remains valid. He added this sequence will conclude on December 9th. If that doesn’t happen, the analyst stated that the window for the sequence to end will be between December 9th and December 23rd, 2024.
Based on the trend from the previous cycle, Master Kenobi predicts that the Dogecoin price could reach this $2.8 target between December 9th and December 23rd. However, he remarked that he was still staying grounded as he couldn’t imagine what fundamentals could trigger such a massive move.
Meanwhile, the analyst stated that the conservative plan suggests that a range of $1 to $1.45, double the Dogecoin price’s current all-time high (ATH), is more plausible for this timeframe.
Why DOGE Is The Major Focus
Master Kenobi is known for focusing on the Dogecoin price in his analysis, and in his recent one, he explained why Dogecoin continues to remain the major focus. According to him, he prefers to study DOGE because it provides the most data for analysis. He added that the foremost meme coin also serves as a representative for altcoins to a greater or lesser degree.
The analyst also mentioned that he could analyze utility coins, which are not meme coins, but he completely disregards their technological advancements. Master Kenobi remarked that he considers these technological advancements “fugazi” and a distraction from what truly matters.
To conclude the Dogecoin price update, Master Kenobi stated that if Dogecoin closes this week in green, it will be the second-longest streak in DOGE’s history, with six consecutive green weeks. The longest streak was eight weeks, between November 2017 and January 2018.
At the time of writing, the Dogecoin price is trading at around $0.42, down over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com