Preliminary results from the recent incident interest rate cut by the Federal Reserve (Fed) The trend has been positive for the general crypto industry as major assets such as Dogecoin are displaying optimistic sentiment. This positive performance has prompted many bullish predictions for DOGE, with some analysts predicting that the dog-themed meme coin could reach unprecedented heights in the short term.
Dogecoin may reach $1 in 2024
As optimism about Dogecoin continues to grow, market expert and trader Master Kenobi has said Focused Potential timeline for the largest meme coin to reach the much-anticipated $1 price milestone. His bold forecast is based on historical cycle trends and current price trends that could propel DOGE to this level within the year, reflecting his unwavering belief in its short-term potential.
According to the expert, Dogecoin After carefully examining the current price action, it may be about to enter a typical period of rapid growth that has historically occurred during each crypto circle. Meanwhile, this period of high growth is estimated to last for about 91 days.
Looking at DOGE’s chart on a 1-week timeframe, Kenobi outlined that DOGE has scored its third consecutive green week, indicating a strong positive outlook for the dog-themed Meme Coin,
Thus, if the trend continues in a conservative scenario, Kenobi is confident that Dogecoin could reach the $1 level by December 2. Meanwhile, in an optimistic scenario, the market expert believes that the meme coin could rise even higher and touch the price level of $2.8.
In addition, Kenobi pointed to another conservative scenario, according to which Doge will reach $1.25 in March 2025, and an optimist would see the digital asset reach $3.5. Notably, Kenobi envisions these price levels in case history repeats itself and DOGE peaks for the second time after 91 days.
Master Kenobi drew attention to his previous prediction, in which he predicted that by the beginning of next year, precisely by January 6, the value of Dogecoin will be $1.1, and by April 7 its value will be $3.8.
While Kenobi expects the meme coin to reach the aforementioned levels during the time frame, he said they could be even closer than they appear since several green weeks have already been printed.
Is DOGE likely to see more gains in the coming days?
Given the high volatility of crypto assets, it is difficult to determine the next price trajectory for Dogecoin. However, the meme coin is exhibiting a positive sentiment, which may be due to More Benefits In the next few days.
Currently, DOGE has bounced back quite strongly from the $0.09 drop last week to the $0.1087 level. Over the past day, DOGE has gained almost 2%, positioned at $0.1082. Also, over the weekly time frame, the meme coin has attracted gains of over 7%.
Data from CoinMarketCap shows that the price of DOGE is maintaining its stable position upward movement This despite its trading volume dropping by nearly 3% over the last 24 hours.
Featured image from Unsplash, chart from Tradingview.com
