Crypto analyst Master Kenobi has provided a bullish update for the Dogecoin price, predicting that the foremost meme coin can reach as high as $2.8. In his update, the analyst also explained why Dogecoin’s outlook is still bullish. 

Dogecoin Price To $2.8 And Why It Can Happen

In his DOGE update, Master Kenobi shared an accompanying chart that showed that the Dogecoin price could rally to $2.8 in this market cycle. The analyst further explained why Dogecoin’s outlook looks this bullish. First, he alluded to the “zoom-out” perspective, which remains bullish, although the time frame might shift slightly to align more closely with a potential decline in Bitcoin dominance. 

While analyzing the chart, Master Kenobi said that the Dogecoin price may currently be equivalent to January 4th, 2021, in the 2021 bull run. If that is the case, the analyst stated there might be a period of volatility. He revealed something similar happened during the last cycle when the price dropped by 55% over two red weeks. 

Master Kenobi again touched on the 91-day sequence, which he reaffirmed remains valid. He added this sequence will conclude on December 9th. If that doesn’t happen, the analyst stated that the window for the sequence to end will be between December 9th and December 23rd, 2024. 

Based on the trend from the previous cycle, Master Kenobi predicts that the Dogecoin price could reach this $2.8 target between December 9th and December 23rd. However, he remarked that he was still staying grounded as he couldn’t imagine what fundamentals could trigger such a massive move. 

Meanwhile, the analyst stated that the conservative plan suggests that a range of $1 to $1.45, double the Dogecoin price’s current all-time high (ATH), is more plausible for this timeframe. 

Why DOGE Is The Major Focus

Master Kenobi is known for focusing on the Dogecoin price in his analysis, and in his recent one, he explained why Dogecoin continues to remain the major focus. According to him, he prefers to study DOGE because it provides the most data for analysis. He added that the foremost meme coin also serves as a representative for altcoins to a greater or lesser degree. 

The analyst also mentioned that he could analyze utility coins, which are not meme coins, but he completely disregards their technological advancements. Master Kenobi remarked that he considers these technological advancements “fugazi” and a distraction from what truly matters. 

To conclude the Dogecoin price update, Master Kenobi stated that if Dogecoin closes this week in green, it will be the second-longest streak in DOGE’s history, with six consecutive green weeks. The longest streak was eight weeks, between November 2017 and January 2018. 

At the time of writing, the Dogecoin price is trading at around $0.42, down over 2% in the last 24 hours, according to data from CoinMarketCap. 

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

The XRP price has witnessed significant gains today, providing a bullish outlook for the crypto even as the broader crypto market witnesses a retracement led by Bitcoin. With XRP looking so bullish, crypto analyst Dark Defender has predicted that the crypto could reach $5 by December.

Why XRP Price Is Up Today

The XRP price is up over 6% today, thanks to several recent developments. First, XRP whales are actively accumulating the crypto token, indicating a bullish sentiment among these investors toward the coin. CoinGape reported that XRP whales bought over 250 million coins over the weekend.

This accumulation trend has brought about significant buying pressure for XRP, contributing to today’s price surge. Furthermore, activity in the derivative market indicates that investors are bullish on the crypto.

Coinglass data shows that the XRP futures open interest has surged on the top exchanges, with traders betting massively on the crypto. For instance, the open interest on ByBit has surged by almost 5% to $682 million. The open interest on OKX is also up by 8% and has risen to $126 million. Thanks to this, XRP’s open interest recently surged to a record high of over $2.50 billion.

Another reason why the XRP price is up is its fundamentals. Ripple has recently secured several partnerships that will increase the crypto’s utility. Today, Ripple announced the first tokenized money market fund on the XRP Ledger (XRPL).

With such a bullish outlook for XRP, crypto analyst Mikybull Crypto predicted that the coin could reach $2 this week, which would be a great way to close the monthly candle. Crypto analyst CrediBULL Crypto also suggested that the $2 target before the end of this month was possible.

In an X post, he said that XRP looks “fantastic” at its current levels as long as the Bitcoin price doesn’t “ruin” the party. He remarked that he expects a move to the range highs above $1.60 at the minimum. The crypto analyst added that this could also be the start of a larger move to the upside.

A Rally To $5 By December Is Possible

In an X post, crypto analyst Dark Defender suggested that the XRP price could rally to as high as $5 by December. This came as he provided an Elliot Wave theory analysis of the crypto. His accompanying chart showed that $5.8 was the last target in the Wave 5 impulsive move.

Providing more insights into XRP’s current price action, Dark Defender noted that the crypto has strolled around the Fibonacci level of $1.44 for a few days. He added that the crypto is targeting the range between $1.88 and $2.17 with the 5th sub-wave.

Based on the chart he shared, a rally to these levels will pave the way for a further rally to the $5 target. However, Dark Defender said that XRP must first close above $1.44 for at least the next two days to confirm these price rallies.

Based on his Elliot Wave theory analysis, the analyst had also recently predicted that the XRP price could hit $18 by next year. Meanwhile, crypto analyst Egrag Crypto recently predicted that XRP could rise to as high as $27 depending on the Bitcoin price.

In an X post, Egrag Crypto stated that XRP will reach $27 if Bitcoin hits $250,000. However, the analyst warned the crypto must close above the wick at $0.00004270 on the XRP/BTC chart to reach the double-digit target.

He added that the ultimate goal is a close above $0.00011. Interestingly, XRP could soon reach double digits, as Egrag Crypto predicts that the crypto will be $13.2 when the Bitcoin price is $120,000.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.