Dogecoin price hits $0.3 for the first time since August 2021. That’s why the next 22 days are important

The Dogecoin price is at one crazy inflow trend since the beginning of November. This trend, which is due to an increase in activity, has now been reflected in the Dogecoin price Trading at a new high in 2024. Notably, Dogecoin price recently reached a significant milestone by reaching the $0.30 mark, a level not seen since August 2021.

From the looks of it, this could also be the case with the Dogecoin price will soon reach a new all-time high. However, the next few days will be crucial in determining how this plays out. According to a crypto analyst who goes by the name X Master Kenobi on the social media platform, the next 22 days will be important for DOGE’s market performance.

Why the next 22 days are important for Dogecoin price

On the social media platform X, Master Kenobi identified a Recurring 91-day cycle of Dogecoin price performance in every market cycle. According to the analysis, DOGE is currently on day 69 of this cycle and is now entering a critical phase that could determine its short-term future.

The upcoming 22-day period is an opportunity for Dogecoin to achieve what Master Kenobi describes as a “triple milestone”: surpassing a $100 billion market cap, reaching a new all-time high, and reaching the $1 price level. dollars to reach.

First, there is a possibility that the price of Dogecoin will rise between $0.42 and $1 over the next 22 days, especially given the recent inflows into the meme coin. Reaching the top would ultimately see Dogecoin price reach a new all-time high. Reaching a $1 valuation would not only mark a new high for Dogecoin, but would essentially be positive for every other meme coin.

The only problem with this path is the current all-time high of $0.7316. With this in mind, Master Kenobi believes that DOGE could soon retest this level. Although an initial rejection at this resistance point is possible, he noted that a breach of the all-time high would ultimately open the door to the $1 milestone.

Reaching a price of $1 would equate to a market cap of more than $100 billion. In particular, the analyst reiterated the importance of this psychological price level as it would confirm the potential and maturity of Dogecoin as a digital asset. Furthermore, if Dogecoin manages to reach the triple milestone in the next 22 days, it would finally cement its position as an asset with a lasting impact.

Possible timeline for DOGE

The last time such a 91-day cycle took place was in November 2020. At the time of writing, Dogecoin is trading at $0.2845 and is up around 25% in the last 24 hours. Looking at a specific date, this technical analysis suggests that the Dogecoin price will be between $0.42 and $1 by December 2nd, which would represent an increase of 40% and 250%, respectively, from the current price .

Featured image created with Dall.E, chart from Tradingview.com