Dogecoin, the largest meme coin, has received several comments on its short-term and long-term potential following a price rally over the past few days in the wake of broader positive sentiment in the general cryptocurrency market. It continues to attract a series of bold predictions from market experts. .
Dogecoin short-term upside target set at $2.7
Cryptocurrency expert and trader Master Kenobi shares an insightful potential scenario for Dogecoin that could catapult the dog-themed meme coin to unprecedented heights in the near term. Pointed out in the prediction. Kenobi shared his bold prediction on social media platform X (formerly Twitter), sparking a wave of optimism in the DOGE community.
Specifically, experts believe DOGE could reach $2.7 by December, suggesting a bullish breakout in the coming days. His bold prediction that DOGE will reach all-time highs is based on current price performance, as well as historical cyclical trends that preceded large rallies over time.
According to Master Kenobi, DOGE continues to move in the same direction as the previous cycle, with four green weeks followed by two red weeks starting the last bull market. However, the end of the week will decide whether this pattern persists and we will see another major uptrend.
Dogecoin preparing for bull run this cycle | Source: Master Kenobi of X
If this scenario of the previous cycle is repeated, Dogecoin could reach the green line shown on his chart (located at approximately $0.39) within about two weeks, specifically on October 28th. Kenobi claims.
He further added that Memecoin could approach the orange line set at $2.7 in another five weeks, around December 1st. “I know it sounds far-fetched, but there’s no stopping me from imagining that DOGE could be $2.70 in December if it happens,” he said.
Nevertheless, given the volatile nature of crypto assets, investors are hoping that the newfound momentum will spark a bigger rally to unprecedented levels in the ongoing bullish cycle. We are closely monitoring DOGE’s emerging price performance.
The number of DOGE holders continues to decline
Despite recent positive price movements, investors may be pessimistic about Dogecoin as the number of DOGE holders has been steadily decreasing over the past few days.
The sustained decline began on October 8, according to data from market intelligence Santiment. During this time, the platform noted that a total of 106,600 non-empty DOGE wallets were lost, indicating that Memecoin may be struggling.
Santiment also added that traders are looking elsewhere for faster pumps due to dissatisfaction with DOGE’s performance, suggesting a change in sentiment within the Dogecoin community. he added. So far, this negative trend has sparked speculation about the long-term stability of DOGE, as it could impact future price movements if this trend continues.
DOGE is trading at $0.12 on 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
