Following the recent resurgence in the overall market, Dogecoin has begun to show upward momentum toward higher price levels, which has sparked optimism about the potential to surpass previous all-time highs and establish a new peak in the ongoing market cycle.

A Leap Towards a New All-Time High for Dogecoin

Diving into the current price movements of Dogecoin, seasoned market expert and investor Master Kenobi has emphasized the path for DOGE to reach a new all-time high while providing a potential timeframe for this milestone. While the cryptocurrency community awaits this historic moment, the market expert claims that DOGE reaching new peaks is much closer than expected.

Master Kenobi's prediction is based on the alignment of events about two months apart between the current cycle and the previous cycle. He added: 'Back then, the start was on November 3, 2020, while this time it begins on September 2, 2024.'

With Master Kenobi's long-term forecast for Dogecoin over the past 1.5 years coming true, he is confident that what is to come may align with his remaining expectations. Therefore, the analyst claims that this dog-themed meme coin is just two weeks away from reaching a new all-time high, especially from December 2 to December 9, according to DOGE's weekly chart.

While some members of the community may be skeptical of this prediction, Kenobi pointed out the two most recent market cycles, when Dogecoin witnessed breakthroughs to previous highs, suggesting that history may repeat itself and DOGE could experience a significant breakout from the green trend line to the orange line as indicated in his chart.

Since this expert is confident that Dogecoin will reach a new all-time high in the coming weeks, he has expressed strong satisfaction with the historical price trend as this is the only reliable source for a glimpse into the future of DOGE.

Meanwhile, after the price surge, Kenobi predicts that the next target will be in the middle of the orange line, at the level of $2.90 or double the previous all-time high, which would bring this meme coin to a range of $1.40 to $1.45 in the coming weeks.

With rising optimism and DOGE attracting attention across various fields, traders and investors are closely monitoring signs of a sustainable upward trend to anticipate a significant price increase to new highs similar to trends in the past.

Is DOGE in a Consolidation Phase?

In the past few days, DOGE has fluctuated between the levels of $0.36 and $0.42, raising speculation about a possible consolidation phase. With new strength in the market, the trend of DOGE within this range may only be short-term, as the current momentum could drive the meme coin's upward trend.

Dogecoin is showing bullish potential, rising 1% in the past day despite a decrease in daily trading volume. Meanwhile, from a broader perspective, such as the weekly and monthly time frames, the meme coin has risen more than 4% and 141%, respectively.