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Dogecoin, the largest meme coin, continues to attract a series of bold predictions from several market experts about its potential in the short and long term following its recent price increase in the past few days, triggered by a broader positive sentiment in the general crypto market.
Short-Term Rally Target For Dogecoin Set At $2.7
In an audacious prognosis, Master Kenobi, a crypto expert and trader, has pointed out an insightful potential scenario for Dogecoin that could send the dog-themed meme coin to unprecedented heights in the short term. Kenobi took to the social media platform X (formerly Twitter) to share the bold prediction, triggering a wave of optimism in the DOGE community.
Specifically, the expert is confident that DOGE could hit $2.7 by December, suggesting a bullish breakout in the upcoming days. His bold prediction about DOGE reaching a new all-time high is based on past cycle trends, which preceded massive rallies over time, along with its current price performances.
According to Master Kenobi, DOGE continues to move in the same direction as the last cycle, which began the last bull run with four green weeks followed by two red weeks. However, the close of the week will determine whether the pattern will persist, validating another major move on the upside.
Dogecoin gearing up for this cycle’s bull run | Source: Master Kenobi on X
Should this scenario from the previous cycle repeat itself, Kenobi claims Dogecoin might hit the green line indicated in his chart, which is positioned at roughly $0.39 in about two weeks, particularly on October 28.
He further added that after an additional five weeks, around December 1, the meme coin might approach the orange line, which is set at $2.7. “I know it sounds incredible, but nothing stops me from imagining, if it happens, we could see DOGE at $2.7 in December,” he stated.
Nonetheless, given the volatile nature of crypto assets, investors are closely watching DOGE’s renewed price performance in hopes that the newfound momentum would trigger a much larger rally to unprecedented levels in the ongoing bull cycle.
A Constant Decline In DOGE Holders
Despite recent positive price movements, investors might be pessimistic about Dogecoin as the number of DOGE holders has been decreasing steadily in the past few days.
According to data from market intelligence Santiment, the persistent decline began on October 8. During this time, the platform noted that a total of 106,600 non-empty DOGE wallets have been lost, indicating possible struggles for the meme coin.
Santiment also added that due to dissatisfaction with the performance of DOGE, traders have been turning elsewhere for fast pumps, which suggests a shift in sentiment within the Dogecoin community. Thus far, this negative trend has caused speculations about the stability of DOGE in the long term since such developments could influence future price movements should the trend persist.
Featured image from Unsplash, chart from Tradingview.com
