Cryptocurrency analyst Master Kenobi, who predicted the start of Dogecoin bull raceprovided an update on what comes next for the first meme coin. The analyst presented two scenarios that could affect the price of Dogecoin from its current level.
What’s next for the Dogecoin Bull Run?
Master Kenobi provided an update on the Dogecoin bull run in his X post. He stated that the market is 39 days away from closing the 235-day period since Bitcoin halving. This is important because it historically represents the beginning of an uptrend for DOGE versus a decline for BTC.
Furthermore, it revealed that the Dogecoin/Bitcoin chart has reached the 200-day moving average (MA). In the 2021 bull market, this happened at the end of a 235-day period and not 39 days earlier as it just happened. In line with this, Master Kenobi outlined two possible scenarios for Dogecoin price.
The analyst stated that this could be a test that will be followed by a consolidation period of about 39 days before a breakout. As for the second scenario, he indicated that this may mean that things move faster this time, 39 days, indicating that Dogecoin is ready to excel Bitcoin in this market cycle.
Mr. Kenobi had previously stated that things could speed up unexpectedly, causing the price of Dogecoin to rise ahead of the event. American elections Catching many by surprise. Accordingly, the analyst is leaning towards the second scenario, which may lead to DOGE crossing above the 200 moving average on the weekly chart this week.
He added that if the cross does not come this week, there is no problem, because this simply means that the first scenario will happen. The analyst’s forecast is undoubtedly worthy of attention, considering that he did He prophesied rightly When will the Dogecoin bull run start? Based on his analysis, the uptrend began in September as the meme token experienced four consecutive green weeks, which continued until October.
November is set to mark the start of the equivalent bull run
in Share Xcryptoanalyst Ali Martinez He stated that history suggests that November could bring about a “parabolic bull run” for Dogecoin. He added that market participants should watch for a sustained close above $0.20.
In fact, November could be a very bullish month for Dogecoin, considering that US election results always bring certainty to the cryptocurrency market. Moreover, Donald Trump He is leading in the polls, which could be empowering Elon Musk Moving forward with the Department of Government Efficiency (DOGE), which has brought a lot of hype to Dogecoin so far.
At the time of writing, Bitcoin is trading at around $0.17, down more than 2% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com
Comments are closed, but trackbacks and pingbacks are open.