Crypto analyst Jacob Canfield has raised the possibility of the Dogecoin price replicating the recent XRP rally. This came as the analyst highlighted similarities between Dogecoin's recent price action and XRP's.
Dogecoin Price To Replicate XRP Rally?
In an X post, Jacob Canfield suggested that the Dogecoin price could soon replicate the recent XRP rally. He stated that Dogecoin was trading similarly to XRP in the lower time frames. DOGE is holding former resistances as support and trading in a “pretty straightforward” way.
Based on this, the Dogecoin price could pull an XRP rally and witness massive gains like the one that XRP has recorded in the last couple of weeks. It is worth mentioning that Dogecoin witnessed a similar rally last month. Earlier in November, DOGE recorded a parabolic rally, which led to a gain of 161% in that month.
Since then, the Dogecoin price has consolidated around the $0.4 range, although it looks well-primed for another leg to the upside. Canfield's accompanying chart showed that Dogecoin's next leg up could take it above the $0.48 level. Meanwhile, he highlighted the $0.55 and $0.66 price levels as ones to watch out for, as that is where the 1.618 and 2.618 Fibonacci levels are, respectively.
DOGE On The Verge Of A Major Move
Crypto analyst Master Kenobi recently stated that the Dogecoin price was on the verge of a major move, further suggesting that the same coin could soon replicate XRP's rally. Master Kenobi predicted a major move as he analyzed Dogecoin's recent price action in relation to the previous cycle.
The crypto analyst noted that in the previous cycleit took 25 days of consolidation before a significant breakout occurred. If history repeats itself, he believes that the Dogecoin price is on the verge of a major move, as it has also consolidated for a similar period since its early November rally.
Master Kenobi said that the Dogecoin price is already on day 21 of this consolidation, meaning that the pump to the next level could happen in the next three to four days. The crypto analyst didn't give specific targets for this next leg up. However, his accompanying chart showed that Dogecoin could finally hit the $1 milestone and even rally further to $2.9.
This $2.9 target could mark the top for the Dogecoin price in this market cycle, as Master Kenobi had previously predicted that the foremost meme coin would top at around $3. He also mentioned that any target beyond $5 in this market cycle is unrealistic.
At the time of writing, the Dogecoin price is trading at around $0.42, up in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
