Crypto analyst Master Kenobi has unveiled a detailed analysis of how the Dogecoin price could rally to a new all-time high (ATH). In his analysis, he alluded to a similar crash that occurred in the 2017 bull run, which suggests that the foremost meme coin is ready to reach new highs.
Why The Dogecoin Price Is Bound To Reach A New ATH
In an X post, Master Kenobi asserted that Dogecoin cannot close below its all-time high of $0.73. To drive home his point, he alluded to the 2017 bull run when DOGE dropped 84% after the first phase of its bull run, with this price crash happening over 112 days. The analyst remarked that this price crash was followed by an “equally long pump phase of 112 days.”
Meanwhile, in this market cycle, Master Kenobi noted that Dogecoin has only declined 625 after its pump phase, with this price crash lasting 98 days. While it is uncertain if DOGE has reached the bottom, the analyst remarked that signals from other charts suggest that the foremost meme coin may have already done so.
If that is the case, market participants could expect a recovery period of approximately 98 days, similar to the number of days it took for DOGE’s price to crash after the first bull phase in this market cycle. Master Kenobi stated that a recovery of 98 days could bring DOGE to this cycle’s ATH sometime in early June, between the 2nd and 5th.
The analyst’s accompanying chart showed that Dogecoin could rally to as high as $11 if it hits the upper boundary of the ascending channel, which he highlighted. Crypto analyst DOGECAPITAL also recently reaffirmed that DOGE could rally to double digits in this market cycle.
An Inverse Head And Shoulders Pattern In Play
Crypto analyst Trader Tardigrade also provided a bullish outlook for the Dogecoin price, stating that an inverse Head and Shoulders pattern was in play for the foremost meme coin. The analyst’s accompanying chart showed that DOGE could be primed for a rebound as it rallies to around $0.24 and targets the $0.30 psychological support level.
In another X post, Trader Tardigrade also indicated that the Dogecoin price was bound to rebound. He noted that DOGE repeatedly revisits its previous local peak after each major price movement. The analyst further revealed that DOGE is at the last local peak right now.
He added that the meme coin should spend some time in this range before continuing its uptrend. The next uptrend for Dogecoin is expected to be more parabolic, as the accompanying chart shows that DOGE could rally to a new ATH on the next leg up.
At the time of writing, the Dogecoin price is trading at around $0.22, up over 6% in the last 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
