Renowned cryptocurrency analyst Master Kenobi predicts that Dogecoin (DOGE), the leading meme coin, could have the potential to rise to $1.20 by 2025. He explains that DOGE needs to meet certain conditions to achieve this goal. According to him, if Dogecoin surpasses its all-time high of $0.74 by the end of January, this ambitious target could be within reach.
Breaking the Barrier of $0.74 is Important for Dogecoin
Master Kenobi emphasizes the importance of breaking the $0.74 threshold for DOGE to reach the $1.20 mark. He notes that this means the market value of Dogecoin would align with the value of XRP. Although he describes this scenario as a bonus, he reaffirms that it is not impossible.
He added that if DOGE breaks the orange trend line by the end of January, the price could potentially reach highs of $3.40. Although this remains a challenging scenario, it could be feasible in the future.
External Factors That May Affect DOGE's Price Volatility
Master Kenobi points out that Dogecoin has reached a balance point in its current price volatility, indicating that it is in a consolidation phase. Historically, strong increases in DOGE are characterized by periods of pause, correction, and horizontal consolidation.
Currently, after two weeks of correction, Dogecoin is testing its balance level to start the next volatility. He suggests that external events in the cryptocurrency market could also shape Dogecoin's future price volatility.
Another analyst noted that DOGE is currently in the bullish phase of the market, suggesting that the price could rise rapidly towards the end of this phase. Additionally, he stated that if Dogecoin surpasses $0.74, it is highly likely to test the $1.20 level.
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