Top Analyst Predicts Dogecoin Could Hit All-Time High in December, Backed by DOGE Price Analysis

Dogecoin Price Analysis Predicts All-Time High in December 2024

Analyst Master Kenobi shared a price analysis with over 18,000 followers on X, suggesting that Dogecoin (DOGE) could reach a new all-time high (ATH) in December 2024. This forecast is based on historical price patterns and the alignment of key events in the cryptocurrency market.

Current Cycle and Historical Patterns

Kenobi observes that the current DOGE price cycle appears to have begun on September 2, 2024, around two months earlier than the previous cycle that started on November 3, 2020. This timing aligns with his long-term prediction.

By analyzing DOGE's price chart, Kenobi anticipates an ATH around December 2, 2024. He emphasizes that while ambitious, historical trends indicate the possibility of such movements.

Price Action Analysis

Master Kenobi's analysis utilizes logarithmic scales and trendlines to illustrate DOGE's price action. He identifies significant dates in its history, such as February 27, 2017 (start of a significant uptrend) and November 3, 2020 (noteworthy breakout).

The analyst pinpoints September 2, 2024, as the start of the current cycle, aligning with a pattern of approximately 1,350 to 1,400 days between major breakout events. This pattern supports the analyst's confidence in predicting future price movements.

Trendlines and Key Projections

Kenobi outlines several key trendlines:

• Green Trendline (Support): Represents long-term accumulation phases where DOGE typically finds support before rallies.
• Yellow Trendline (Intermediate Resistance): Indicates a potential resistance level at approximately $1.08.
• Orange Trendline (Major Resistance): Represents the peak of parabolic runs, with a target price of around $2.90 for this cycle.
• Blue Trendlines: Mark long-term support zones and outline the price action's lower bounds across cycles.

Key Targets and Expectations

Master Kenobi predicts a new ATH by December 2, 2024, consistent with historical breakout patterns. The earlier alignment of events adds credibility to his forecast. He identifies three potential targets:

• Conservative Target: $1.08 at the yellow trendline.
• Aggressive Target: $2.90 at the orange trendline.
• Mid-Range Target: Between $1.40 and $1.45, representing a doubling of the previous ATH or a midpoint to the orange line.

The analyst draws confidence from historical surges in DOGE's price from the green trendline to the yellow and orange lines in past cycles. He acknowledges skepticism but notes that disbelief often accompanies significant breakouts.

While his model suggests potential gains, Kenobi advises caution due to the unpredictable nature of market dynamics. He recommends an open-minded approach, utilizing historical data as a guide while remaining receptive to the possibility of substantial price movements.