Dogecoin price reached a crazy influx trend since the beginning of November. This trend, stemming from an increase in activity, has seen the price of Dogecoin now trading at a new high in 2024. Notably, the price of Dogecoin recently reached an important milestone by reaching the $0.30 mark, a level not seen since August 2021.
As things stand, the price of Dogecoin could also will reach a new absolute record very soon. However, the next few days will be crucial in determining how this will play out. According to a crypto analyst called Master Kenobi on social media platform X, the next 22 days will be important for the market trajectory of DOGE.
Why the next 22 days are important for the Dogecoin price
On the social media platform X, Master Kenobi identified a 91-day recurring cycle in Dogecoin price performance every market cycle. According to the analysis, DOGE is currently on the 69th day of this cycle and is now entering a critical phase that could determine its near-term future.
The next 22-day period is an opportunity for Dogecoin to reach what Master Kenobi describes as a “triple milestone”: surpassing a market capitalization of $100 billion, hitting a new all-time high, and reaching the price level of 1 $.
First, it is possible that the price of Dogecoin could reach between $0.42 and $1 over the next 22 days, especially given the recent inflows of the coin. Reaching the upper end would ultimately see Dogecoin price reach a new all-time high. Reaching a valuation of $1 would not only mark a new high for Dogecoin, but would essentially be positive for all other meme coins.
The only problem with this path is the current record level of $0.7316. Reflecting on this, Master Kenobi predicts that DOGE could soon test this level again. While an initial rejection at this resistance point is possible, he noted that surpassing the all-time high would ultimately open the door towards the $1 mark.
Reaching a price of $1 would correspond to a market capitalization in excess of $100 billion. The analyst notably reiterated the importance of this psychological price level, as it would validate the potential and maturity of Dogecoin as a digital asset. Additionally, if Dogecoin manages to achieve the triple milestone in the next 22 days, it would finally solidify its position as an asset with lasting impact.
Potential timeline for DOGE
The last time such a 91-day cycle took place was back in November 2020. At the time of writing, Dogecoin is trading at $0.2845 and is up approximately 25% in the past 24 hours. On a particular date, this technical analysis indicates a Dogecoin price between $0.42 and $1 by December 2, which would represent a 40% and 250% increase from the current price, respectively.
Featured image created with Dall.E, chart from Tradingview.com
