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Crypto analyst Master Kenobi it also referred to the 91-day pattern to provide insight into where the price of Dogecoin could be headed next. The analyst suggested that things could go differently for DOGE as its price action has not followed this historical pattern well.
What’s Next for Dogecoin Price
In an X postMaster Kenobi suggested that 91 day sequence The situation may be invalid for the price of Dogecoin. He explained that the chart only touched the green trendline and failed to break through the yellow or orange trendlines. This green line is at $0.46, where the DOGE price touched last week.
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However, the price of Dogecoin failed to touch the yellow or orange trendline, which is around $2 and $4, respectively. Before now, a crypto analyst predicted that Dogecoin could break over $1 and at least touch $2 this month as this 91 day pattern ends. Meanwhile, Master Kenobi also explained why Dogecoin closing last week in the green is important.
A crypto analyst noted that the weekly close in the green marks the eighth consecutive week in the green for the price of Dogecoin, marking the second time this has happened. Statistically, Master Kenobi chose that this is not the best configuration for the value of DOGE, suggesting that the premium meme coin may be in uncharted waters.
However, based on Master Kenobi’s previous Dogecoin price review, DOGE recording its eighth consecutive green week is something to keep an eye on. The last time this happened was during the final stage 2017 is a bull marketwith a rally that started in November and ended in January with a 1,750% price increase during that time.
Therefore, if history were to repeat itself, the price of Dogecoin could still record huge gains to come. In November, DOGE recorded a 161% price gain, providing a bullish outlook for the leading meme coin. Meanwhile, the December candle is currently in the green, although the DOGE is nowhere near its November gains.
DOGE Far from Falling in Price
Crypto analyst Kevin Capital asserted that the price of Dogecoin is far from exploding. He made this statement while pointing out that DOGE is currently in a large gold pocket with 0.703 and 0.786 above, reaching $0.60.
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According to this, the crypto analyst commented that whatever value action below $0.60 should be treated with extreme caution as Dogecoin is far from an explosion of any kind. Kevin also asked market analysts to stop the endless excitement as the price of Dogecoin is nowhere near the level where an explosion can be expected.
At the time of writing, the price of Dogecoin is trading at around $0.44, down about 4% in the last 24 hours, according to the report. data from CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com
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