Crypto analyst Master Kenobi has provided insights into how high the Dogecoin price could rise if it scales to the 2021 bull run performance. This provides a bullish outlook for Dogecoin, considering it rallied by 26,000% in the last bull cycle.
How High The Dogecoin Price Could Rise If It Replicates 2021
In an X post, Master Kenobi stated that if the Dogecoin price starts moving towards a new level, the first stop would be its current all-time high (ATH) of $0.73. This zone coincides with a market cap of approximately $100 billion. The analyst noted that these are two critical and positive psychological levels, which makes a strong rejection unlikely.
The analyst further remarked that a rally to the current ATH could lead to a rejection followed by a period of consolidation. However, he claimed that a rise to the $100 billion market cap in the ATH area would itself draw much attention to the Dogecoin price. The analyst is also confident that Dogecoin can rally to as high as $1 based on the previous cycle’s performance.
Master Kenobi said this $1 target for the Dogecoin price is not far off and is even more significant. He noted how the community has been dreaming about this milestone since Dogecoin’s inception. He added that the hype it could generate might rival Bitcoin’s moment on November 29, 2017, when it hit $10,000.
Analyzing his accompanying chart, Master Kenobi noted how a stagnation period occurred in the previous cycle following the intersection at the blue trendline. He mentioned that this zone looks to have been negotiated more smoothly in this current cycle. Meanwhile, there was also a stagnation period of about a month in the previous cycle following the intersection with the green trendline.
Although it’s uncertain how long this cycle could last, Master Kenobi revealed that once the green line was broken in the last cycle, the Dogecoin price enjoyed a rapid ascent, stopping at the orange line in just ten days. He added that he doesn’t expect the consolidation period to last up to a month this time around before the parabolic rally.
Two Scenarios That Could Play Out
Based on the price action in the previous cycle, Master Kenobi foresees two scenarios for what comes next. First, he predicts that the Dogecoin price could briefly stagnate, followed by a smaller pump. For the second scenario, he said that Dogecoin could witness a loner stagnation period followed by a stronger pump.
The analyst believes the Dogecoin price could rally above $1 by December 1 if the market pumps in the coming days. He remarked that momentum could push Dogecoin higher, but he doesn’t expect the price to exceed $1.2 to $1.3 before facing a more substantial pullback.
At the time of writing, the Dogecoin price is trading at around $0.36, up over 5% in the last 24 hours, according to data from CoinMarketCap.
