Dogecoin Price Prediction: Gradual Decline Before Another Strong Move Upwards?

Like many other cryptocurrencies, Dogecoin's price action in the past week has been highlighted by a notable correction.

Cryptocurrency prices have been experiencing a downturn in the past week, with several assets like Bitcoin (BTC) and Ethereum (ETH) seeing their prices decline. Among the impacted cryptocurrencies, Dogecoin (DOGE) saw its price drop below a crucial level, leading to speculation on its future price action.

After falling below the key price point of $0.3 for the first time in four weeks, Dogecoin’s price dropped further to a bottom below $0.27. This downturn follows a period of relative stability for the meme coin, which had seen its price trading within a narrow range for several weeks.

However, despite recovering above the $0.3 mark at the time of writing, crypto analyst Master Kenobi took to teasing the possibility of the leading meme coin to continue on a gradual decline in the short term.

In a post on the social media platform X, the analyst shared his thoughts on Dogecoin’s price action, outlining a potential roadmap for DOGE, which includes a period of decline followed by another strong move upwards.

“What if DOGE…is gearing up for its third and final leap in such a scenario?” Kenobi speculated.

Observing the cryptocurrency’s price movements, Master Kenobi’s analysis suggests that DOGE might experience a gradual drop in value, continuing until mid-April, where it could bottom out around April 15.

In terms of a price target, this decline could see the Dogecoin price falling to as low as $0.175, which would erase most of its gains in the past two months.

Following this decline, the analyst suggests, Dogecoin could begin a strong upward trajectory starting May 5, with the rally potentially peaking in mid-August.

This rally is predicted to be highlighted by a break into new all-time highs above the current one of $0.74, with an eventual peak above $1 by August 18.

While Kenobi’s outlook presents a possibility for Dogecoin’s price action, it’s important to note that his post was purely speculative. “Not saying it will happen, but it caught my eye, and I thought I’d share it with you too,” he noted.

The general consensus is that Dogecoin is resuming its uptrend together with the rest of the crypto market very soon. If not in the last few days of 2024, surely sometime in early 2025.

In another recent analysis, Master Kenobi noted that the RSI indicator points to Dogecoin resuming its uptrend in the next few weeks.

Dima James, another crypto analyst, noted that Dogecoin is still able to reach above $10 this cycle. This bullish sentiment is also echoed by another analyst known as Trader Tardigrade, who noted that Dogecoin is well on track to reaching above $1 sooner than later.