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The crypto market is showing signs of recovery following a rollercoaster for a few days, and thoughts are turning to how high some of the more popular assets could go in the coming days and months.<\/p>\n
One analyst has suggested that the largest meme coin by market cap, Dogecoin (DOGE), could shatter its current all-time high price and break past the $1 level by May, drawing from historical trends and technical patterns.<\/p>\n
Pseudonymous crypto analyst Master Kenobi recently highlighted<\/a> DOGE\u2019s price symmetry over the past year. He noted that the OG meme coin followed a cyclical pattern of two major pumps, the first coming in February 2024 and the second following six months later in August.<\/p>\n While the initial surge saw the coin\u2019s value go up at least 3 times, the gains were all lost following a significant crash in August. However, it rallied a second time soon after, with its price multiplying six times.<\/p>\n This particular pump also came to an abrupt end over the weekend\u00a0when the entire crypto market\u00a0shed\u00a0<\/a>more than $400 billion,\u00a0triggered by a squabble over tariffs between the United States and three of its trading partners, Mexico, Canada, and China.<\/p>\n Dogecoin holders saw about 57% of the profits they had gained over the last five months disappear within 24 hours as the market reacted to the tariff impasse.<\/p>\n Despite the setback, Kenobi sees potential for another upswing. According to the analyst, DOGE\u2019s green trendline support, which was a key level, has now turned into resistance. Consequently, if the meme coin breaks above that level again, it could trigger a strong rally.<\/p>\n The analyst laid out two possible scenarios for the token\u2019s price action: On one hand, it could repeat the rally from February last year, with a peak forming by the end of the month. The second possibility is that it could follow an extended consolidation period before hitting new highs by mid-April or early May.<\/p>\n Kenobi is leaning more towards the latter case, estimating that if DOGE mirrors the August 2024 pattern, then a 6x rally from the current bottom could push its price to at least $1.25.<\/p>\n The analyst\u2019s prediction has come only a day after reports emerged that several Dogecoin whales had offloaded<\/a> 270 million tokens worth about $70 million within 24 hours. This mass sell-off increased supply and raised concerns about further price declines if demand fails to keep up.<\/p>\n Another well-regarded market watcher, Ali Martinez, previously flagged<\/a> a bearish crossover between DOGE\u2019s Market Value to Realized Value (MVRV) ratio and its 30-day Simple Moving Average. According to him, this signal could indicate further price drops in the near term.<\/p>\n At the time of writing, the cryptocurrency was back in the green, jumping 5.9% in the last 24 hours. However, the current price is still 21% below its seven-day peak of $0.3398, underperforming the broader crypto market, which is down 5.7%.<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\nMarket Sentiment Divided<\/h2>\n
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