Dogecoin’s Third And Final Leap? Analyst Highlights Potential Mid-August Peak

He loves Many other cryptocurrenciesDogecoin price action in the past week Most notably a noticeable correction. Dogecoin, in particular, saw its price fall below $0.3 for the first time in four weeks, bottoming out below $0.27.

According to an interesting opinion of cryptocurrency analyst Master Kenobi, Dogecoin could continue a gradual decline in the next few months before another strong move higher.

Interesting Dogecoin price forecast

Although Dogecoin has rebounded above the $0.3 mark at the time of writing, Mr. Kenobi recently raised the possibility of the leading meme coin continuing its gradual decline in the short term. Sharing his thoughts on social media platform X, the analyst outlined a potential roadmap for DOGE, predicting a period of decline followed by an explosive rise.

“What if DOGE…is preparing for its third and final jump in such a scenario?” Kenobi speculated.

According to his observation, the cryptocurrency may see a gradual decline in value until mid-April, peaking around April 15. In terms of price targets, this decline could take Dogecoin’s price as low as $0.175, which would essentially erase most of its gains in the past two months or so.

Following this decline, the analyst suggested that Dogecoin could begin a strong upward trajectory starting on May 5, with the rally potentially peaking in mid-August. This rally is expected to be highlighted by a breakout to all-time highs above the current level of $0.74, with an eventual peak above $1 by August 18.

Image From X: Master Kenobi

The timelines make the gathering much closer

Kenobi’s forecast for Dogecoin appears to deviate from current sentiment among Dogecoin investors and other analysts, especially the bearish first half of his forecast. However, this also remains a possibility, given the unpredictable nature of cryptocurrencies.

Interestingly, Kenobi clarified that his post was just a guess. “I’m not saying it’s going to happen, but it caught my attention, and I thought I’d share it with you too,” he noted.

General consensus That’s what Dogecoin is Resuming its upward trend along the rest of the cryptocurrency market very soon. If not in the last few days of 2024, then certainly sometime in early 2025. In another recent analysis, Mr. Kenobi noted that the RSI indicates Dogecoin resuming its uptrend in the next few weeks.

Dima James, another cryptocurrency analyst, pointed this out Dogecoin is still able to arrive Over $10 this course. This bullish sentiment was also echoed by another analyst known as Trader Tardigrade, Who noticed that Dogecoin is on track to reach more than $1 sooner rather than later.

Featured image from DALL-E, chart from TradingView