- Dogecoin (DOGE) is nearing its ATH with a $100B market cap, sparking potential massive price action soon.
- Reaching $1 could trigger similar hype to Bitcoin’s 2017 surge, with DOGE poised for wider investor interest.
- The current consolidation phase for DOGE is expected to last less than a month, leading to quicker price movements.
Dogecoin (DOGE) is set to experience massive price action in the next few weeks. In a recent X post, Master Kenobi stated that DOGE is on the verge of breaking its ATH with market capitalization of about $100 billion. This is not just a technical level but also psychological which could create an interest of further development of DOGE.
While being an important resistance level, the ATH could actually be something of value for Dogecoin. Getting to this level would create what the analyst refers to as ‘mega free advertising’ for Dogecoin which may bring in more audience of investors and traders. This ATH could lead to some temporary price bounce back and then a period of consolidation, but the market cap reaching $100 billion is only going to bring more awareness to the coin and therefore add to the rally.
Dogecoin $1 Milestone Ahead
Besides the ATH, the $1 mark is another psychological level that has been of interest to Dogecoin enthusiasts for a long time. For those in the community, getting DOGE to $1 is a big deal in terms of community satisfaction. The Kenob says that the hype can be compared to the $10,000 per Bitcoin in 2017, when the cryptocurrency reached this level and attracted new participants, and the development of the industry accelerated. Currently, the market trends suggest that the experts have now started to believe it is possible for DOGE to touch $1.
Analyzing the past market cycles it is possible to note that Dogecoin stagnation occurred at the intersection with certain trendlines. Nonetheless, the coin has sailed through these zones in the current cycle without much fuss. Some parameters of the current consolidation phase are still somewhat difficult to predict, including its duration; however, it is expected that this phase will last for less than a month, which is less than the month-long stagnation period observed during the previous cycle. The current phase is expected to be cleared in a shorter period than the previous one; hence a quicker price trend of DOGE will be expected.
DOGE Market Outlook
Two possible situations are being contemplated for the future. The first is a short period of range-bound trading after which a smaller price pump occurs, while the second is a longer period of range-bound trading which eventually precedes a larger price pump. Either way, the analysis predicts that DOGE may reach $1 before December 1, with November 29 being a critical day to watch. The Token is trading at $0.3766, up 4.65% in the last 24 hours at the time of writing.
Source: TradingView
However, the risk is that if Dogecoin is to rise above $1, it may pull back sharply at $1.2 or $1.3. However, the investors are still sure that DOGE is capable of reaching $1, and the coin still attracts attention in the cryptocurrency market.
