Like many other cryptocurrencies, Dogecoin has seen a significant pullback in its price action over the past week. In particular, the price of Dogecoin fell below $0.3 in four weeks, falling to a low below $0.27.

According to crypto analyst Master Kenobi's interesting opinion, Dogecoin is likely to continue its gradual decline in the coming months before moving up strongly again.

Although Dogecoin has recovered above $0.30 at the time of writing, Master Kenobi recently hinted that the leading meme coin may continue its gradual decline in the short term. Sharing his thoughts on social media platform X, the analyst outlined a potential roadmap for Dogecoin, predicting a period of decline followed by an explosive rally.

According to his observations, the cryptocurrency's value is likely to gradually decline until mid-April and peak around April 15. In terms of price targets, this decline could lead to Dogecoin prices falling to a low of $0.175, which would essentially erase most of the gains of the past two months or so.

Analysts say that following this decline, Dogecoin is likely to enter a strong upward trajectory starting on May 5, with the rally likely to peak in mid-August. The highlight of this rally is expected to be a break above the current all-time high of $0.74 and eventually a peak above $1 on August 18.

Kenobi's view of Dogecoin seems to differ from the current sentiment among Dogecoin investors and other analysts, especially since the first half of his forecast is bearish. However, given the unpredictability of cryptocurrencies, this is still possible.

The general consensus is that Dogecoin will soon resume its upward trend along with the rest of the cryptocurrency market. If not in a few days in 2024, then certainly sometime in early 2025. In another recent analysis, Master Kenobi noted that the RSI indicator suggests that Dogecoin will resume its uptrend in the coming weeks.

Another cryptocurrency analyst, Dima James, noted that Dogecoin could still reach above $10 during the current period. Another analyst named Trader Tardigrade also expressed this bullish sentiment, noting that Dogecoin is expected to reach above $1 as soon as possible.