Dogecointhe largest meme coin, continues to attract a series of bold predictions from several market experts about its potential in the short and long term following the recent price increase in the past few days, caused by a broad positive sentiment in the general crypto market.
Dogecoin’s Short-Term Rally Target Set at $2.7
In an astute prediction, Master Kenobi, a crypto expert and trader, revealed a potentially insightful scenario for Dogecoin that could send the dog-themed meme coin to unprecedented heights in the short term. Kenobi went to the social media platform X (formerly Twitter) went to to share a bold prediction, which creates a wave of hope in the DOGE community.
Specifically, the expert is confident that DOGE can reach $2.7 in December, suggesting a bullish breakout in the coming days. His bold prediction about DOGE reaching new highs is based on past cycles, which preceded major rallies over time, and its current price performance.
According to Master Kenobi, DOGE continues to move in the same direction as the last cycle, which started the last one run the bull with four green weeks followed by two red weeks. However, the close of the week will determine whether the pattern will continue, confirming another big move upwards.
If the situation of the previous cycle repeats itself, Kenobi says that Dogecoin may hit the green line shown on his chart, which is placed around $0.39 in two weeks, especially on October 28.
He added that after five more weeks, around December 1, the meme coin it may be close to the orange line, which is set at $2.7. “I know it sounds unbelievable, but nothing stops me from thinking, if it happens, we could see DOGE at $2.7 in December,” he said.
Still, given the volatile nature of crypto assets, investors are keeping a close eye on DOGE’s renewed price performance in the hope that new momentum will spark. A massive rally at unprecedented levels in the ongoing bull cycle.
Continued Downsizing for DOGE Executives
Despite the recent positive price movements, investors may be pessimistic about Dogecoin as a number of Owners of DOGE it has been gradually decreasing for the past few days.
In accordance with data from the market intelligence Santiment, a continuous decline began on October 8. At this time, the platform noted that a total of 106,600 empty DOGE bags were lost, indicating the possible struggles of the meme currency.
Santiment also added that due to dissatisfaction with DOGE’s performance, traders have been turning to other sources for quick pumps, suggesting a fluctuating sentiment within the Dogecoin community. Until now, this bad practice has caused speculation about the stability of THE DOGE in the long term as such developments may influence future price movements if the trend continues.
Featured image from Unsplash, chart from Tradingview.com
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