Following the recent waning price performance of Dogecoin, the largest meme coin in the past few days, speculations and uncertainties about DOGE’s potential to hit a new all-time high in the short term have emerged within the crypto community.

Record-Breaking Run For Dogecoin May Be Postponed

Technical analyst and investor Master Kenobi has offered insights about Dogecoin’s short-term potential, noting that the dog-themed meme coin’s path to a new peak before the end of the year may not come to pass. The expert made the bold claims in a recent analysis on the X (formerly Twitter) platform, which has caused quite a frenzy in the DOGE community.

Citing a combination of market dynamics, macroeconomic conditions, and fading momentum, the analyst argues that DOGE’s price strength might not be sufficient to breach its current all-time high. This implies that the meme coin is set to enter a consolidation phase before resuming its ascent to historical highs in the following year.

According to the market expert, looking at the duration since the last Bitcoin Halving, the 40-day acceleration trend indicates that the red consolidation phase appeared one week earlier than anticipated. As a result, Master Kenobi believes a 1 to 3-week consolidation phase is likely at this period, which is good as it is already happening now.

Considering the development, Master Kenobi is less confident that a new all-time high for DOGE will occur by the

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Author: Godspower Owie