Crypto analyst Master Kenobi recently discussed the current price development of Dogecoin and the upcoming inauguration of Donald Trump. According to his analysis, the latter could have a significant impact on the price of DOGE, with the next seven days likely to be very important.
What Could Happen to Dogecoin During Donald Trump’s Inauguration?
In one X contributionMaster Kenobi revealed that Dogecoin has formed a symmetrical triangle that closes around the day of January 20th Inauguration of Donald Trump. This suggests that the next seven days could be very important as the political event could determine whether DOGE breaks out of this triangle to the upside or not.
The analyst’s accompanying chart showed that Dogecoin could initially rise to $0.50 if it breaks out of this symmetrical triangle. A rally to $0.55 and the current value of the meme coin All-time high (ATH) of $0.74 are also planned. Master Kenobi also predicts that DOGE could eventually rise to the highly anticipated psychological level of $1.
The crypto analyst had previously predicted that Dogecoin could achieve one new peak around Donald Trump’s inauguration. He made this prediction while alluding to a 77-day period between the meme coin’s local peak and its next peak. He also pointed to Trump’s inauguration and suggested that it would spark a surge for the main meme coin.
In addition to Trump’s pro-crypto stance, the inauguration of the US President-elect is also positive for Dogecoin due to Elon Musk’s Ministry of Government Efficiency (DOGE) is finally coming to life. This development offers a bullish outlook for DOGE, as the meme coin inspired the name of this government agency.
Additionally, Musk is a big Dogecoin supporter and is expected to promote the meme coin indirectly by mentioning DOGE at different times.
DOGE is in the midst of a recovery
In an X post, crypto analyst Trader Tardigrade provided a bullish outlook for Dogecoin, stating that the leading meme coin is in the midst of a rally. This happened when he announced that DOGE was aligning with the 50 Arnaud Legoux Moving Average (ALMA). The crypto analyst added that the pattern is perfectly in sync with the last cycle from 2018 to 2020. In this regard, trader Tardigrade noted that the meme coin is in the midst of a surge.
Meanwhile, the crypto analyst also recently explained why Dogecoin’s market top is still a long way off this cycle. According to him, it is Dogecoin Bollinger Bandwidth (BBW) suggests that the coin still has room to rise until it reaches the upcoming high. Its accompanying chart showed that the main meme coin could peak above $5.
At the time of writing, Dogecoin price is around $0.32, down almost 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com