Cryptocurrency analyst Master Kenobi has issued a bullish update on Dogecoin's price, predicting that this leading meme coin could reach $2.8. In his update, the analyst also explained why the outlook for Dogecoin remains bullish.
Dogecoin Price Rises to $2.8 and Why This Could Happen
In his DOGE update, Master Kenobi shared an accompanying chart showing that Dogecoin's price could rise to $2.8 in this market cycle. The analyst further explained why the outlook for Dogecoin seems so optimistic. First, he hinted at a 'shrinking' viewpoint, still optimistic, although the timeframe may shift slightly to better align with a potential decline in Bitcoin's dominance.
While analyzing the chart, Master Kenobi noted that the current price of Dogecoin could be akin to January 4, 2021, during the 2021 bull run. If this is the case, the analyst indicated that there could be a period of volatility. He revealed that a similar situation occurred in the previous cycle when the price dropped 55% over two weeks of red.
Master Kenobi once again mentioned the 91-day streak, which he asserts is still valid. He added that this streak will end on December 9. If that does not happen, the analyst claims that the ending time of the streak will be from December 9 to December 23, 2024.
Based on trends from the previous cycle, Master Kenobi predicts that Dogecoin's price could reach this $2.8 target between December 9 and December 23. However, he remarked that he remains calm as he cannot imagine what fundamental factors could trigger such a large move.
Meanwhile, the analyst stated that a cautious plan suggests a range of $1 to $1.45, double the current all-time high (ATH) of Dogecoin, is more reasonable in this timeframe.
Why DOGE is the Main Focus
Master Kenobi is known for focusing on Dogecoin's price in his analysis, and in a recent analysis, he explained why Dogecoin continues to be the main focus. According to him, he enjoys studying DOGE because it provides the most data for analysis. He added that this leading meme coin also serves as a representation for altcoins to a greater or lesser extent.
The analyst also mentioned that he could analyze utility coins, not just meme coins, but he is completely uninterested in their technological advancements. Master Kenobi remarked that he views these technological advancements as 'fugazi' and a distraction from what really matters.
To conclude the Dogecoin price update, Master Kenobi stated that if Dogecoin closes this week in the green, it will be the second-longest streak in DOGE's history, with six consecutive green weeks. The longest streak is eight weeks, from November 2017 to January 2018.
At the time of writing, Dogecoin's price is trading at around $0.42, down over 2% in the past 24 hours, according to data from CoinMarketCap.