The Dogecoin price stood at one crazy inflow trend since early November. This trend, which stems from an increase in activity, has now seen the Dogecoin price rise trading at a new high in 2024. Notably, the Dogecoin price recently reached a major milestone by reaching the $0.30 mark, a level not seen since August 2021.

As it stands now, the Dogecoin price might as well be reaching a new all-time high very soon. However, the coming days will be crucial in determining how this will play out. According to a crypto analyst who goes by the name Master Kenobi on social media platform X, the next 22 days will be important for DOGE’s market trajectory.

Why the next 22 days are important for the Dogecoin price

We go to social media platform X, Master Kenobi identified a recurring cycle of 91 days in Dogecoin price performance 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 near-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.

First, there is a possibility that Dogecoin’s price will rise between $0.42 and $1 in the next 22 days, especially given the recent inflows into the meme coin. If the top is reached, the Dogecoin price would eventually reach a new all-time high. Reaching a $1 valuation would not only mark a new peak for Dogecoin, but would essentially be a positive for any other meme coin.

The only problem with this path is the current all-time high of $0.7316. Thinking about this, Master Kenobi expects that DOGE will test this level again soon. While an initial rejection at this resistance point is possible, he noted that surpassing the all-time high would eventually open the gate to the $1 milestone.

Reaching a price of $1 would correspond to a market capitalization of more than $100 billion. Notably, the analyst reiterated the importance of this psychological price level as it would validate the potential and maturity of Dogecoin as a digital asset. Moreover, if Dogecoin can reach the triple milestone in the next 22 days, it would finally solidify its position as an asset with lasting impact.

Potential timeline for DOGE

The last time such a 91 day cycle occurred was back in November 2020. At the time of writing, Dogecoin is trading at $0.2845 and is up about 25% in the last 24 hours. In terms of a specific date, this technical analysis points to a Dogecoin price between $0.42 and $1 on December 2, which would represent an increase of 40% and 250% respectively from the current price.

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