Will Dogecoin price pull off an XRP rally from here? The trading similarities are striking

Crypto analyst Jacob Canfield has raised the possibility that Dogecoin price could replicate recent prices XRP rally. This came as the analyst highlighted similarities between Dogecoin’s recent price performance and that of XRP.

Dogecoin price set to mimic XRP rally?

In an X post, Jacob Canfield suggested that Dogecoin price could soon repeat the recent XRP rally. He explained that Dogecoin was trading similarly to XRP on the shorter time frames. DOGE is holding former resistance as support and trading in a “fairly straightforward” manner.

Based on this, the Dogecoin price could rise XRP rally and experience massive gains like the one XRP has seen over the past few weeks. It is worth noting that Dogecoin experienced a similar rally last month. In early November, DOGE experienced a parabolic rally that resulted in a 161% increase this month.

Since then, Dogecoin price has consolidated around the $0.4 mark, although it appears well poised for further upside. The accompanying chart from Canfield showed that Dogecoin’s next rise could take it above the $0.48 level. Meanwhile, he highlighted the $0.55 and $0.66 price levels as the ones to watch out for as that is where the 1.618 and 2.618 levels lie Fibonacci level are or

DOGE is about to take a big step

Crypto analyst Master Kenobi recently stated that Dogecoin price is on the verge of a big move, further suggesting that the meme coin could soon mimic XRP’s rally. Master Kenobi predicted a big move when he analyzed Dogecoin’s recent price performance compared 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 Dogecoin price is in for a big move as it has also consolidated for a similar period since its rally in early November.

Master Kenobi said that Dogecoin price is already on day 21 of this consolidation, which means the pump to the next level could happen in the next three to four days. The crypto analyst did not name specific goals for the next increase. However, its accompanying chart showed that Dogecoin could finally reach the $1 mark, even continues to recover to $2.9.

This $2.9 target could mark the peak of Dogecoin price this market cycle, as Master Kenobi previously predicted that the main meme coin would peak at around $3. He also mentioned that a target above $5 is unrealistic in this market cycle.

According to data from CoinMarketCap, Dogecoin price is around $0.42 at the time of writing, increasing over the last 24 hours.

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