Following the recent drop in prices of DogecoinThe biggest meme coin in recent days, speculation and uncertainty about DOGE’s potential to hit a new all-time high in the near term has emerged within the crypto community.
Record run for Dogecoin could be postponed
Technical analyst and investor Master Kenobi proposed knowledge on Dogecoin’s near-term potential, noting that the dog-themed meme coin’s path to a new high before the end of the year may not come to fruition. The expert made bold claims in a recent analysis on Platform X (formerly Twitter), which caused a frenzy within the DOGE community.
Citing a combination of market dynamics, macroeconomic conditions, and slowing momentum, the analyst says DOGE’s price strength may not be enough to surpass its current price. record level. This implies that the same coin is about to enter a consolidation phase before resuming its ascent to all-time highs the following year.
According to the market expert, looking at the duration since the last Bitcoin halvedthe 40-day accelerating trend indicates that the red consolidation phase appeared a week earlier than expected. As a result, Master Kenobi believes that a consolidation phase of 1-3 weeks is likely at this time, which is a good thing as it is already happening now.
Given the evolving situation, Master Kenobi is less convinced that a new all-time high for DOGE will occur by the end of the year. Rather, the coin could reach a new high by the first half of January, suggesting a remarkable start for DOGE in the following year.
Furthermore, the expert noted that the highly anticipated Dogecoin rally would coincide with Donald Trumpreturning to the White House as the new President of the United States. This is due to the US elections, which resulted in a deviation of around three weeks from the normal cycle trend, making it a crucial scenario to consider.
So far, investors and traders are paying attention to the current price action of DOGE in order to reassess their positions, as this development could signal the start of a much larger uptrend for the meme coin.
A brief rally ahead for DOGE?
With key indicators seen in the 2021 bull cycle, Daan Crypto Trades, another seasoned technical analyst, foresees a DOGE breakout to higher levels shortly, triggering optimism about its near-term potential. The daily chart reveals that Dogecoin has been stuck between two important weekly highs since the 2021 bull run.
As key 2021 levels resurface, the expert highlighted that the $0.35 and $0.45 levels are the next critical targets to watch, noting that the high-volume node has provided good support for DOGE above $0.38. However, for the meme coin to trigger a rally, it must test the price of $0.45.
Featured image from Unsplash, chart from Tradingview.com
