Is Dogecoin Headed for Third and Final Jump? Analyst Highlights Possible Mid-August Peak
Like many other cryptocurrencies, Dogecoin’s price action over the past week has been marked by a notable correction. Dogecoin in particular saw its price fall below $0.3 for the first time in four weeks, taking it below $0.27.
Related reading: Powell says Fed can’t hold Bitcoin, no plans yet to change law
According to an interesting opinion from cryptocurrency analyst Master Kenobi, Dogecoin may continue to gradually decline in the next few months before another strong move upwards.
Interesting Dogecoin Price Predictions
Although Dogecoin has recovered above the $0.3 level at the time of writing, Master Kenobi recently suggested that the leading meme coin could continue its gradual decline in the short term. Sharing his thoughts on social media platform X, the analyst outlined a potential roadmap for Dogecoin, predicting a period of decline followed by an explosive rally.
“What if DOGE is preparing for its third and final leap in such a scenario?” Kenobi speculated.
According to his observations, the cryptocurrency could see a gradual decline in value until mid-April, peaking around April 15. In terms of price target, this decline could take Dogecoin price down to $0.175, which would erase most of its gains in the past two months or so.
Following this pullback, the analyst suggested that Dogecoin could embark on a strong bullish trajectory starting May 5, with the rally peaking in mid-August. This rally is expected to be highlighted by a breakout to new record highs above the current $0.74 level, with an eventual peak above $1 by August 18.
Timetables make the rally much closer
Kenobi’s Dogecoin outlook seems to diverge from the current sentiment among Dogecoin investors and other analysts, especially his bearish first-half outlook. However, this possibility also remains, given the unpredictable nature of cryptocurrencies.
Interestingly, Kenobi clarified that his post was just speculation. “I’m not saying this will happen, but it caught my attention and I thought I’d share it with you as well,” he said.
The general consensus is that Dogecoin will resume its bullish trend along with the rest of the crypto market very soon. If not in the last few days of 2024, then certainly sometime in early 2025. In another recent analysis, Master Kenobi noted that the RSI indicates that Dogecoin will resume its bullish trend in the next few weeks.
Another cryptocurrency analyst, Dima James, noted that Dogecoin could still reach over $10 in this cycle. This bullish sentiment is also echoed by another analyst known as Trader Tardigrade, who noted that Dogecoin is on track to reach over $1 sooner rather than later.
