Crypto analyst Master Kenobi provided details on Dogecoin’s current price action while referencing Bitcoin’s declines and previous cycles. Using these metrics, the analyst revealed what bull market Dogecoin is currently in and what to expect next for DOGE.
The Next Dogecoin Price Based on Bitcoin Halving and Previous Cycles
In an X postMaster Kenobi noted that it was 254 days after the Bitcoin Halving while looking at the DOGE-BTC weekly chart in logarithmic view. Comparing the price action of Dogecoin with the previous cycle, he noted that Relative Strength Index (RSI) suggests that DOGE is currently between step 2 and step 3.
Master Kenobi also noted that in the last cycle, the RSI stayed 84 days above the Moving Average (MA), then briefly fell below it, then entered the big pump in Step 3. In the chart, the price of Dogecoin is said to be falling against -BTC for two weeks, then it went sideways. The time between high place and the next highest was 77 days.
A crypto analyst revealed that a same pattern of Dogecoin price is happening right now. The RSI for DOGE was also 84 days above the MA, followed by a drop below it at about the same level. Price action is now showing us in a consolidation phase that lasts about 77 days, measured from the top of the cycle to the next.
Using this 77-day timeline, Master Kenobi said that the next Dogecoin price peak should occur around January 20, 2025. He added that he is not focused on the price but on the timing. Meanwhile, the crypto analyst drew attention to an important event on January 20 that could trigger the DOGE pump.
The inauguration of Donald Trump an important event that Master Kenobi hinted at. The opening may have an impact on Dogecoin’s price tap, especially if you consider that Elon Musk’s Department of Government Operations (DOGE) will be alive.
DOGE Completed Reassessment of Critical Areas
In X post, crypto analyst Kevin Capital revealed that the price of Dogecoin has completed the retest of $0.26 and the large gold pocket and the Bull Market Support band. A crypto analyst noted that in order for DOGE to remain highly capitalized and move higher, the leading meme coin needs to see a significant jump in this area.
Kevin added that a $0.26 spot loss per weekly close could be catastrophic. Meanwhile, crypto analyst Trader Tardigrade gave a bullish view on Dogecoin price. He drew attention to the equilateral triangle that formed DOGE and said that this could serve as a strong base for the next leg up.
At the time of writing, the price of Dogecoin is trading at around $0.31, down more than 2% 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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