Dogecoin Price Rises to $2.8: Analyst Releases Price Increase Update for Meme Coin

Cryptocurrency analyst Master Kenobi has provided an updated price increase forecast for Dogecoin, predicting that the top meme coin could reach $2.8. In his update, the analyst also explains why the prospects of Dogecoin continue to rise. Dogecoin Price Rises to $2.8 And Why This Could Happen In his DOGE update, Master Kenobi shared a chart showing that the price of Dogecoin could rise to $2.8 in this market cycle. The analyst further explains why the prospects of Dogecoin seem optimistic. Firstly, he refers to a "zoomed-in" perspective, still optimistic, although the timeframe may vary slightly to better fit the underlying decline in Bitcoin dominance.

While analyzing the chart, Master Kenobi stated that the current price of Dogecoin could be equivalent to January 4, 2021, during the 2021 price surge. If that's the case, the analyst suggested that there could be a period of volatility. He revealed that a similar occurrence happened in the previous cycle before the price dropped by 55% in two consecutive red weeks. Master Kenobi once again referred to the 91-day chain, which he affirmed still holds value. He added that this chain will end on December 9th. If that does not happen, the analyst declared that the end time of the chain will be from December 9th to December 23rd, 2024. Based on the trend from the previous cycle, Master Kenobi predicts that the price of Dogecoin could reach this target of $2.8 within the period from December 9th to December 23rd. However, he notes that he remains calm because he cannot imagine what fundamental factors could trigger such a significant movement. Meanwhile, the analyst said that the conservative plan suggests a range of $1 to $1.45, which is double the current all-time high (ATH) price of Dogecoin, is more reasonable in this timeframe. Why is DOGE the Main Focus Master Kenobi is famous for focusing on Dogecoin in his analysis, and in a recent analysis, he explained why Dogecoin continues to be the main focus. According to him, he likes to research DOGE because it provides the most data for analysis. He added that this leading meme coin also represents altcoins to a greater or lesser extent. The analyst also noted that he could analyze utility tokens, not meme tokens, but he doesn't care at all about their technological advancements. Master Kenobi remarked that he considers these technological advancements to be "fugazi" and a distraction from what really matters. To end the Dogecoin price update, Master Kenobi declared that if Dogecoin closes this week in the green, it will be the second longest green streak in DOGE history, with six consecutive green weeks. The longest streak is eight weeks, from November 2017 to January 2018. At the time of writing, Dogecoin is trading at around $0.42, down over 2% in the past 24 hours, according to data from CoinMarketCap.