Dogecoin To Reach $2.7 By December? Market Expert Lays Out Potential Path For DOGE

Dogecoin, the biggest meme coin, continues to draw a series of daring predictions from several market experts about its potential within the short and long run following its recent price increase previously few days, triggered by a broader positive sentiment in the overall crypto market.

Short-Term Rally Goal For Dogecoin Set At $2.7

In an audacious prognosis, Master Kenobi, a crypto expert and trader, has identified an insightful potential scenario for Dogecoin that would send the dog-themed meme coin to unprecedented heights within the short term. Kenobi took to the social media platform X (formerly Twitter) to share the daring prediction, triggering a wave of optimism within the DOGE community.

Specifically, the expert is confident that DOGE could hit $2.7 by December, suggesting a bullish breakout within the upcoming days. His daring prediction about DOGE reaching a recent all-time high relies on past cycle trends, which preceded massive rallies over time, together with its current price performances.

In accordance with Master Kenobi, DOGE continues to maneuver in the identical direction because the last cycle, which began the last bull run with 4 green weeks followed by two red weeks. Nonetheless, the close of the week will determine whether the pattern will persist, validating one other major move on the upside.

Dogecoin gearing up for this cycle’s bull run | Source: Master Kenobi on X

Should this scenario from the previous cycle repeat itself, Kenobi claims Dogecoin might hit the green line indicated in his chart, which is positioned at roughly $0.39 in about two weeks, particularly on October 28.

He further added that after an extra five weeks, around December 1, the meme coin might approach the orange line, which is about at $2.7. “I comprehend it sounds incredible, but nothing stops me from imagining, if it happens, we could see DOGE at $2.7 in December,” he stated.

Nonetheless, given the volatile nature of crypto assets, investors are closely watching DOGE’s renewed price performance in hopes that the newfound momentum would trigger a much larger rally to unprecedented levels in the continued bull cycle.

A Constant Decline In DOGE Holders

Despite recent positive price movements, investors is likely to be pessimistic about Dogecoin because the variety of DOGE holders has been decreasing steadily previously few days.

In accordance with data from market intelligence Santiment, the persistent decline began on October 8. During this time, the platform noted that a complete of 106,600 non-empty DOGE wallets have been lost, indicating possible struggles for the meme coin.

Santiment also added that attributable to dissatisfaction with the performance of DOGE, traders have been turning elsewhere for fast pumps, which suggests a shift in sentiment throughout the Dogecoin community. So far, this negative trend has caused speculations in regards to the stability of DOGE in the long run since such developments could influence future price movements should the trend persist.