Dogecoin has faced persistent bearish pressure for the past few weeks, causing it to resist key support levels. However, with the general crypto market witnessing a rebound, the dog-themed meme coin has managed to regain upward momentum, which analysts believe could be a part of a bigger trend.
An Impending Recovery Phase for Dogecoin
After struggling to regain upward momentum, Master Kenobi, a crypto expert and trader, has predicted a major rally for Dogecoin. With the meme coin now shifting toward the upside, the expert foresees a move to an all-time high in the short term.
Master Kenobi points to an impending recovery phase that could spur the anticipated rally to a new all-time high. With DOGE currently maintaining critical support levels and buying pressure, the meme coin could soon break past previous resistance areas, setting the stage for the anticipated major rally.
His prediction is based on past cycle trends, whereby DOGE witnessed a strong rebound after heightened volatility as seen in the past few weeks. Specifically, Kenobi has drawn recent volatility in the 2025 cycle to the one seen in the 2017 market cycle. During the 2017 cycle, Dogecoin experienced a robust drop of about 84% after its first pump phase, which lasted 112 days.
Meanwhile, the decline in 2025 is currently at 64% following DOGE’s first pump phase in this market cycle, which has now lasted for about 98 days. Even though the expert is uncertain whether DOGE’s drop has bottomed out, he highlighted that several indications from other charts point to the possibility that it has reached its bottom.
Despite the significant price decline, Kenobi is confident that the meme coin will never fall below its previous all-time high, reflecting DOGE’s resilience. In the event that DOGE has bottomed out, the analyst anticipates a recovery phase that will last approximately 98 days as the recent drop.
A repetition of this trend will push Dogecoin toward a new all-time high in the ongoing cycle. Kenobi has drawn a time frame for an all-time high between June 2 and 5. It is worth noting that the analyst considers DOGE as one of the few coins to hit new highs this cycle as the bull market looks to continue after a summer pause.
Investors’ Sentiment Rising Toward DOGE’s Prospects
Amid the huge drop in DOGE’s price so far, on-chain data shows that investors are currently demonstrating bullish sentiment toward the meme coin. Technical analyst and investor Ali Martinez reported the development on the X platform after examining a shift among large investors or whales.
Ali Martinez revealed a huge accumulation of 910 million DOGE by whales during the weekend. This significant number of coins were purchased in 2 days, indicating big investors’ renewed optimism and confidence in Dogecoin’s long-term prospects.
Given that this move by whales has historically preceded short-term rallies, a notable price recovery could be on the horizon. At the time of writing, DOGE was trading at $0.23, displaying a more than 15% upswing in the past day.
Featured image from Adobe Stock, chart from Tradingview.com
