Dogecoin price action has returned to an uptrend over the past 24 hours after spending most of the past seven days in a correction. Notably, Dogecoin price is now up about 4.5% over the past 24 hours.

According to cryptocurrency analyst Master Kenobi, Dogecoin’s market performance appears to be mirroring previous cycles but with a significant twist; events are unfolding two months earlier than expected. His insights, shared on social media platform X, predict that Dogecoin is on track to reach a new high of $2.90.

Dogecoin Price Cycle Starts as Early as 2024

In his analysis, Master Kenobi noted that this year’s cycle started on September 2, 2024, compared to November 3, 2020 for the previous cycle. This two-month lead time appears to have affected how price action and key breakout patterns have changed compared to the previous cycle. However, he emphasized that the move so far is consistent with the long-term predictions he has developed over the past year and a half.

His analysis focuses on Dogecoin’s history of major breakouts, particularly in previous cycles when it surged from the established green trendline to reach the higher orange trendlines shown in the chart below. According to Kenobi, this historical precedent reinforces the belief that Dogecoin’s price could reach a new all-time high (ATH) in the next two weeks.

Upside target: $1.08, $2.90 or somewhere in between

Kenobi’s DOGE chart highlights two key price targets for Dogecoin’s price in this cycle. The first is the yellow line at around $1.08, which is the more conservative forecast. Although conservative, reaching $1.08 would represent a 166% increase from current prices and would see Dogecoin surpass its current all-time high of $0.7316.

The second, more ambitious target is a 616% increase to the orange line at $2.90. While this may seem like an overly optimistic target, history has proven the feasibility of such strong moves in the past two bull cycles.

While the orange line forecast at $2.90 is the most optimistic target, Kenobi considers the middle target to be more realistic. By doubling the previous ATH or reaching halfway the orange line, Dogecoin's price would be in the $1.40 to $1.45 range. This would still represent a significant breakout and align with the bullish trendline seen on the chart.

At the time of writing, Dogecoin is trading at $0.405. If the analyst’s prediction is correct, Dogecoin could be on the verge of hitting a new ATH within the next two weeks. Furthermore, the analysis suggests that this will happen around December 2, 2024. Such a move would see Dogecoin outperform every other crypto asset and surpass cryptocurrencies like XRP and BNB in ​​terms of market capitalization.

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