Dogecoin's $1 Milestone Still Within Reach, Market Expert Reiterates Bullish Forecast

Dogecoin's recent significant price surge may have slowed down, leading to a brief price pullback after hitting the $0.42 level. However, the dog-themed meme coin's rally could only be the beginning

Dogecoin’s recent price surge might have lost some steam, leading to a slight price pullback after hitting the $0.42 level. However, the dog-themed meme coin’s rally might just be getting started, with several crypto analysts anticipating a potential upswing to new all-time highs, specifically the $1 landmark.

Could Dogecoin Hit The $1 Milestone?

In a related analysis, Master Kenobi, a market expert, reiterated his prediction for Dogecoin to reach new heights, stating that he is convinced the $1 milestone is still in the cards. This prediction aligns with his broader outlook that the meme coin could hit this pivotal level in the ongoing cycle, based on past cycle trends.

Prior to the $1 milestone, Kenobi highlighted that once prices begin to move toward a new level again, the current all-time high at $0.7, a zone that corresponds with a market valuation of nearly $100 billion, would likely be the first stop for DOGE. He added that these two levels are critical psychological areas that lower the chances of a strong rejection.

While the all-time high could present a rejection and a period of consolidation on its own, DOGE hitting the $100 billion market cap in the ATH region would be a “mega free advertising” for the meme coin, which could pave the way for more price gains.

As for the $1 level, Kenobi argues that the milestone is even more important and is “not far off.” There have been expectations of the range since the early days of DOGE, and the analyst claims that the hype that would follow once DOGE hits the level could make Bitcoin’s moment at $10,000 in November 2017 seem “tame.”

However, he is convinced that Dogecoin could cross the $1 mark by December 1 if the market continues to rally in the coming weeks, pinpointing November 29 as a crucial day to watch. “Momentum could even push it higher, but I wouldn’t expect it to exceed $1.2–$1.3 before facing a more substantial pullback,” he added.

Two Possible Scenarios For DOGE’s Next Move

Citing historical trends and indicators, Kenobi has highlighted two key scenarios for investors to watch as they navigate DOGE’s current price action. These include a brief stagnation followed by a smaller pump and a longer stagnation followed by a strong pump.

According to the analyst, the previous cycle had a period of stagnation at the intersection with the blue trendline indicated in his chart. In the ongoing cycle, however, it appears that the action at this zone has been a smaller stagnation followed by a pump.

Moreover, there was a period of stagnation in the previous cycle at the intersection with the green trendline, which lasted for about a month. When this occurred, Kenobi noted that the meme coin rallied rapidly after the green line was broken up, reaching the orange line within 10 days. While the expert is unsure of the length of the consolidation phase this time, he doubts it will last up to 1 month.

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