Crypto analysts are buzzing about the possibility of Dogecoin following in XRP’s footsteps with a significant price jump. The similarities in their price charts are prompting speculation.
Dogecoin’s Potential Rally
Analyst Jacob Canfield noticed striking similarities between Dogecoin’s and XRP’s recent price movements. He pointed out that Dogecoin is consolidating, holding previous resistance levels as support, and exhibiting a relatively predictable trading pattern. Based on this, Canfield believes Dogecoin could see a substantial price increase, mirroring XRP’s recent gains.
Canfield’s analysis suggests Dogecoin could break above $0.48. He also highlighted key Fibonacci levels at $0.55 and $0.66 as potential targets. It’s worth noting that Dogecoin experienced a similar, massive rally (161% gain) in November before consolidating around $0.40.
Another Analyst Weighs In
Another analyst, Master Kenobi, agrees that Dogecoin is poised for a big move. He’s basing his prediction on a comparison to Dogecoin’s previous cycle. He observed that in the past, a 25-day consolidation period preceded a major breakout.
Since Dogecoin has already consolidated for 21 days following its November rally, Kenobi believes a significant price increase is imminent—possibly within the next three to four days. While he didn’t provide specific price targets, his chart suggests Dogecoin could reach $1, potentially even climbing as high as $2.9. He considers anything beyond $5 in this cycle unrealistic, with $3 being his previous prediction for the peak.
Current Price and Outlook
At the time of writing, Dogecoin is trading around $0.42, slightly up in the last 24 hours. Whether it will actually mirror XRP’s recent success remains to be seen, but the analysts’ observations certainly make for an interesting discussion.
