Analyst Crypto Master Kenobi, who predicted the start of Dogecoin bull runprovided an update on what’s next for the premium meme coin. The analyst gave two scenarios that could play for the price of Dogecoin from its current level.
What’s Next for the Dogecoin Bull Run
Master Kenobi gave an update on the Dogecoin bull run in the X post. He pointed out that the market has been closed for 39 days out of a period of 235 days since Bitcoin is declining. This is significant as it historically marked the start of DOGE’s bull run against its BTC bear counterpart.
In addition, he revealed that the Dogecoin / Bitcoin chart touched the 200-day moving average (MA). In 2021, this happens at the end of 235 days and not 39 days earlier as it happens. In line with this, Master Kenobi brought up two possible scenarios Dogecoin price.
The analyst said this could be a test, which would be followed by a consolidation period of about 39 days before the outbreak. Regarding the second situation, he said that this could mean that things are moving faster in 39 days this time, which shows that Dogecoin is ready to go Bitcoin in this market cycle.
Master Kenobi had previously stated that things could move unexpectedly quickly, leading to an increase in the price of Dogecoin before US election and catch many by surprise. Based on this, the analyst relies on the second scenario, which could lead to the DOGE falling above the 200 MA on the weekly chart this week.
He went on to say that if the cross does not arrive this week, there is no problem, because that would mean that someone will play. There is no doubt that the analyst’s prediction should be noted, given that he had it predicted accordingly when the Dogecoin bull run would begin. Based on his analysis, the bull run started in September as the meme coin saw four consecutive weeks in the green, which continued into October.
November Is Set to Begin the Run of the Bulls
In an X postcrypto analyst Ali Martinez mentioned that history shows that November may spark a “parabolic bull run” in Dogecoin. He added that market participants should always look for a sustained close above $0.20.
Indeed, November could be the most growing month for Dogecoin, considering that the outcome of the US election always brings uncertainty to the crypto market. In addition, Donald Trump who is leading the polls, which we may know Elon Musk continuing with the Department of Government Operations (DOGE), which has brought a lot of hype for Dogecoin so far.
At the time of writing, the price of Bitcoin is trading around $0.17, down more than 2% in the last 24 hours, according to data from CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com
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