A robust market optimism has triggered a bullish run for Dogecoin as the dog-themed meme coin attracts notable price gains over many major cryptocurrency assets with an over 50% daily profit. While the coin has surged significantly over the past few days, a crypto analyst has predicted that the renewed upward strength may be poised for a rejection.

Historical Trends Reoccuring For Dogecoin

In an important update for Dogecoin investors and traders, Master Kenobi, a market expert and trader has warned of a potential rejection of Dogecoin’s recent price rally in the short term. The analyst’s forecast is based on trends from the previous cycle, whereby DOGE encountered strong resistance after a similar upside movement.

Furthermore, his perspective suggests that without persistent bullish support, there is a possibility that the meme coin might witness the same price hurdles as the last cycle’s rally, which could result in a brief correction or price consolidation.

Master Kenobi believes a rejection in DOGE’s upswing is probable as he anticipates a final major resistance at $0.33 before retesting its all-time high and the trend line at $0.40. It is worth noting that the decline is likely to be followed by a consolidation phase of roughly 1 to 2 weeks, as seen in the last bull cycle. “This scenario would align perfectly with what we observed during the same period in the previous cycle,” he added.

According to the market expert, the 91-day rectangle

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Author: Godspower Owie