Dogecoin Price Touches $0.3 For The First Time Since August 2021, Here’s Why The Next 22 Days Are Important
The Dogecoin price has been on a crazy inflow trend since the beginning of November. This trend, stemming from an increase in activity, has seen the Dogecoin price now trading at a new 2024 high. Notably, the Dogecoin price recently achieved a significant milestone by reaching the $0.30 mark, a level not seen since August 2021.
As it stands, the Dogecoin price could as well reach a new all-time high very soon. However, the next few days will be crucial in determining how this will play out. According to a crypto analyst who goes by Master Kenobi on social media platform X, the next 22 days are going to be important for DOGE’s market trajectory.
Why The Next 22 Days Are Important For The Dogecoin Price
Taking to social media platform X, Master Kenobi identified a recurring 91-day cycle in the Dogecoin price performance every market cycle. According to the analysis, DOGE is currently on day 69 of this cycle and is now entering a critical phase that could determine its short-term future.
The forthcoming 22-day period is an opportunity for Dogecoin to achieve what Master Kenobi describes as a “triple milestone”: surpassing a $100 billion market cap, reaching a new all-time high, and attaining the $1 price level.
First, there’s a possibility of Dogecoin’s price reaching between $0.42 and $1 in the next 22 days, especially given the recent inflows into the meme coin. Reaching the upper end would ultimately see the Dogecoin price reaching a new all-time high. Achieving a $1 valuation would not only mark a new peak for Dogecoin but would essentially be positive for every other meme coin.
The only issue with this path is the current all-time high of $0.7316. Reflecting on this, Master Kenobi anticipates that DOGE may test this level again soon. Although an initial rejection at this resistance point is possible, he noted that surpassing the all-time high would ultimately open up the gate toward the $1 milestone.
Reaching a $1 price point would correspond to a market capitalization exceeding $100 billion. Notably, the analyst reiterated the importance of this psychological price level, as it would validate Dogecoin’s potential and maturity as a digital asset. Furthermore, if Dogecoin is able 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 played out was back in November 2020. At the time of writing, Dogecoin is trading at $0.2845 and is up by about 25% in the past 24 hours. In terms of a particular date, this technical analysis points to a Dogecoin price between $0.42 and $1 by December 2, which would represent a 40% and 250% increase, respectively, from the current price.
Featured image created with Dall.E, chart from Tradingview.com
