Crypto analyst Jacob Canfield has recently suggested that the Dogecoin price could potentially replicate the recent XRP rally. Drawing parallels between Dogecoin’s price action and XRP’s, Canfield pointed out that DOGE is trading similarly to XRP in the lower time frames. He noted that Dogecoin is holding former resistances as support and is following a “pretty straightforward” trading pattern.
Based on these observations, Canfield proposed that Dogecoin could experience a rally akin to XRP’s recent surge, resulting in significant gains for the meme coin. Just last month, Dogecoin saw a parabolic rally that led to a 161% increase in its price. Although DOGE has since consolidated around the $0.4 range, it appears poised for another upward move. Canfield’s chart indicated that Dogecoin’s next leg up could potentially push it above the $0.48 level, with key price levels to watch out for at $0.55 and $0.66, corresponding to the 1.618 and 2.618 Fibonacci levels.
Another crypto analyst known as Master Kenobi also weighed in on Dogecoin’s potential for a major move, echoing Canfield’s sentiments about a possible XRP-like rally. Master Kenobi highlighted that in the previous cycle, it took 25 days of consolidation before a significant breakout occurred. Drawing parallels to the current scenario, where Dogecoin has been consolidating for a similar period since its November rally, Master Kenobi suggested that a major move could be imminent. With Dogecoin already on day 21 of this consolidation phase, the analyst predicted that a pump to the next level could occur within the next three to four days. While specific targets were not provided, Master Kenobi’s chart indicated the possibility of Dogecoin reaching the $1 milestone and potentially rallying further to $2.9.
The $2.9 target could potentially serve as the peak for Dogecoin in this market cycle, as Master Kenobi previously forecasted that the meme coin would top out around $3. Any targets beyond $5 in this market cycle were deemed unrealistic by the analyst. As of the time of writing, Dogecoin is trading at approximately $0.42, showing an increase in the last 24 hours according to CoinMarketCap data.
In summary, both Jacob Canfield and Master Kenobi have highlighted the potential for Dogecoin to replicate the recent XRP rally, with significant gains on the horizon for the meme coin. With technical analysis pointing towards a possible breakout and further upward movement, investors and traders alike will be closely monitoring Dogecoin’s price action in the coming days.
