Cryptographic analyzer Master Kenobi Provide insight into Dogecoin’s current price action with reference to the Bitcoin halving and previous cycles. Using these metrics, the analyst revealed where Dogecoin is currently bullish and what to expect next for DOGE.
What’s next for Dogecoin price based on the Bitcoin halving and previous cycles?
in Share XMr. Kenobi noted that 254 days have passed since the Bitcoin halving while observing the weekly chart of DOGE-BTC in logarithmic view. Comparing the price movement of Dogecoin with the previous session, he pointed out that Relative Strength Index (RSI) Indicates that DOGE is currently between Step 2 and Step 3.
Mr. Kenobi also noted that in the last session, the 84-day RSI stayed above the moving average (MA), then briefly fell below it, and then entered a massive pump at step 3. On the chart, Dogecoin price is said to have… It rose and fell against BTC for two weeks, then moved sideways. The time between Local summit The next peak was 77 days.
The cryptocurrency analyst revealed that A Similar pattern The price of Dogecoin is currently unfolding. DOGE’s RSI was also above its 84-day moving average, followed by a dip below it at roughly the same level. Price action now indicates a consolidation phase lasting approximately 77 days, measured from the top of the last cycle to the next.
Using this 77-day timeline, Mr. Kenobi stated that the next peak in Dogecoin’s price should occur around January 20, 2025. He added that he is not focusing on value but on timing. Meanwhile, a cryptocurrency analyst drew attention to an important event on January 20 that could trigger a DOGE catalyst.
Donald Trump’s inauguration It is the important event that Master Kenobi alluded to. The opening could contribute to pumping up the price of Dogecoin, especially considering that Elon Musk’s Department of Government Efficiency (DOGE) will come back to life.
DOGE has completed retesting of critical areas
Posted by X, Cryptocurrency Analyst Kevin Capital It revealed that Dogecoin price has completed a retest of $0.26, the overall golden pocket and the bull market support range. The cryptocurrency analyst noted that for DOGE to remain bullish on a macro level and trend higher, the premier meme coin needs to see a significant bounce from this area.
Kevin added that losing the $0.26 area at the weekly close could be catastrophic. Meanwhile, cryptoanalyst Slow growing trader Provided a bullish forecast for Dogecoin price. He drew attention to the symmetrical triangle formed for DOGE and stated that this could serve as a solid base for the next step.
At the time of writing, Dogecoin’s price is trading at around $0.31, 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
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