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.
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.
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.
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.
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