Cryptocurrency analyst Master Kenobi predicts that Dogecoin's price could rise to $1.20 in the new year. The analyst further revealed what this leading meme coin needs to do to reach this price target.
How Dogecoin's price could potentially rise to $1.20 In a post on X, Master Kenobi explained how Dogecoin's price could rebound to $1.20. He stated that if Dogecoin breaks its all-time high (ATH) of $0.74 before the end of January, it may test the $1.20 area. The analyst noted that such a rebound could bring Dogecoin's market cap in line with XRP. Master Kenobi added that any rebound above $1.20 would be a bonus, although it is not impossible. He also mentioned the possibility of Dogecoin rising to $3.40 if it reaches the orange trend line (which he highlighted in the attached image at the end of January).
However, Master Kenobi stated that he does not believe the leading meme coin can reach this target at this stage of the bull market. He added that this might happen later this year, but not now. Regarding the current price trend of Dogecoin, this cryptocurrency analyst stated that Dogecoin seems to have found a balanced consolidation area. He observed that, in the past, pauses between sharp increases in Dogecoin were characterized by a period of adjustment, followed by horizontal consolidation. In the recent context, Master Kenobi pointed out that after two weeks of adjustment, Dogecoin appears to have reached a stable level to begin the next move. This cryptocurrency analyst added that history shows such stagnation periods generally last several weeks on average before a new impulse occurs. Master Kenobi mentioned that external events outside the cryptocurrency market could play a significant role in providing the necessary narrative and momentum for the next move. DOGE is in the price increase phase Cryptocurrency analyst Trader provides insights into which phase of the bull market Dogecoin's price is currently in. In a post on X, he stated that DOGE is in the upward phase of the Wyckoff market cycle.
Currently, the analyst reveals that DOGE has completed the first wave of its price increase phase. He adds that the price rise may intensify towards the end of this phase, leading to a 'parabolic surge.' This chart pattern is characterized by a rapid and significant price increase. Meanwhile, according to recent market analysis from CoinGape, Dogecoin's price may indeed reach a new high this month.