Dogecoin ($DOGE) Primed to Hit $1 By December This Year, Market Analyst Master Kenobi Predicts

The early aftermath of the current Federal Reserve (Fed) interest rate cuts has been constructive for the final crypto business as main property like Dogecoin have been displaying optimistic sentiment.

Recent Federal Reserve (Fed) interest rate cuts have left a positive impact on the crypto industry, with major assets like Dogecoin showing bullish sentiment. This performance has sparked several optimistic predictions for DOGE, including some analysts suggesting the dog-themed meme coin could reach new heights soon.

Dogecoin’s Path To $1 Is Possible In 2024

As bullish sentiment around Dogecoin builds, Grasp Kenobi, a market analyst and trader, has outlined a potential timeline for the largest meme coin to reach the highly anticipated $1 price milestone. His bold prediction is based on historical cycle trends and recent price movements that could propel DOGE to this level within a year, showing his strong belief in its short-term potential.

According to the analyst, Dogecoin, after close examination of the current price action, may be on the cusp of a rapid growth period that has occurred throughout each crypto cycle. Meanwhile, this high-growth phase is expected to last for about 91 days.

Zooming out on DOGE’s chart on the 1-weekの時間枠, Kenobi highlighted that DOGE has printed its third consecutive green week, indicating a strong bullish outlook for the dog-themed meme coin.

So if the trend continues in a conservative scenario, Kenobi believes Dogecoin could reach the $1 mark by December 2. Meanwhile, in an optimistic scenario, the market analyst sees the meme coin rising even higher to hit the $2.8 price level.

Moreover, Kenobi outlined another conservative scenario that could see DOGE reach $1.25 in March 2025, and an optimistic one that could see the digital asset hitting the $3.5 level. Notably, Kenobi envisions these price points if history repeats and DOGE peaks for the second time after another 91 days.

Grasp Kenobi also highlighted his previous prediction, where he forecasted Dogecoin to be valued at $1.1 early next year, precisely by January 6, and valued at $3.8 by April 7.

While Kenobi expects the meme coin to reach the aforementioned levels within the time frame, he noted that they may even be closer than they appear as several green weeks have already been printed.

DOGE Set For Further Gains In The Coming Days?

Determining the next price direction for Dogecoin is challenging due to the high volatility of crypto assets. However, the meme coin is showing bullish sentiment, which could lead to more gains in the coming days.

Currently, DOGE has recovered from a drop to $0.09 last week to trade at the $0.1087 level. Over the past 24 hours, DOGE has risen by 2%, positioned at $0.1082. Moreover, in the weekly time frame, the meme coin has seen gains of over 7%.

According to data from CoinMarketCap, DOGE’s price is continuing its uptrend despite a decrease of about 3% in its trading volume over the last 24 hours.

Featured image from Unsplash, chart from Tradingview.com

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