This article is also available in Spanish.
Cryptographic analyzer Master Kenobi He once again hinted at the 91-day pattern to provide insight into where Dogecoin price could head next. The analyst suggested that things could go differently for DOGE because the price action has not exactly followed this historical pattern.
What’s next for Dogecoin price?
in Share XMaster Kenobi suggested 91 day sequence The scenario may have been invalidated for the Dogecoin price. He explained that the chart only touched the green trend line and failed to penetrate the yellow or orange trend line. This green trend line is located at $0.46, which DOGE price touched last week.
Related reading
However, Dogecoin price failed to touch the yellow or orange trend line, which is around $2 and $4 respectively. Before now, a cryptocurrency analyst predicted that Dogecoin could Break above $1 And at least touch $2 this month as this 91-day pattern completes. Meanwhile, Mr. Kenobi also explained why it was important for Dogecoin to close last week in the green.
The cryptocurrency analyst noted that the weekly close in green represents the eighth consecutive green week for the Dogecoin price, and is the second time this has happened. Statistically, Mr. Kenobi opined that this is not the most favorable formation for the DOGE price, suggesting that the first memecoin may be in uncharted waters.
However, based on Master Kenobi’s previous Dogecoin price update, DOGE recording its eighth consecutive green week is something to keep an eye on. The last time this happened was during the final stage of Bull market 2017with a rise that began in November and ended in January with a 1,750% increase in prices during that period.
Therefore, if history repeats itself, Dogecoin price could still record massive gains in the future. In November, DOGE recorded a price rise of 161%, providing a bullish outlook for the first meme coin. Meanwhile, the December candle is currently green, although DOGE is not yet close to November’s gains.
DOGE is far from a price breakout
Cryptographic analyzer Kevin Capital He emphasized that the price of Dogecoin is still far from a breakout. He made this statement while revealing that DOGE is currently in the overall golden pocket at 0.703 and 0.786 just above, extending to $0.60.
Related reading
In line with this, the cryptographer noticed that nothing Price action Below $0.60 should be treated with extreme caution as Dogecoin is far from being hacked of any kind. Kevin also called on market analysts to stop the endless euphoria because the price of Dogecoin is not close to the level at which a breakout can be expected.
At the time of writing, Dogecoin price is trading at around $0.44, down approximately 4% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com