Crypto analyst Master Kenobi has provided insight into the current Dogecoin price performance, referencing the Bitcoin halving and previous cycles. Using these metrics, the analyst revealed which bull phase Dogecoin is currently in and what can be expected next for DOGE.
What’s Next for Dogecoin Price Based on the Bitcoin Halving and Previous Cycles?
In one X contributionMaster Kenobi noted that 254 days have already passed since the Bitcoin halving while looking at the DOGE-BTC weekly chart in logarithmic view. When comparing Dogecoin price performance with the previous cycle, he noted that the Relative Strength Index (RSI) suggests that DOGE is currently between Step 2 and Step 3.
Master Kenobi further noted that in the last cycle, the RSI stayed above the moving average (MA) for 84 days, then briefly fell below, and then entered a massive increase at step 3. On the chart, Dogecoin price is said to have fallen against BTC for two weeks and then moved sideways. The time between that local peak and the next peak was 77 days.
The crypto analyst revealed that a similar pattern Because the Dogecoin price is currently developing. DOGE’s RSI also spent 84 days above the MA, followed by a decline below it at around the same level. Price action now suggests a consolidation phase lasting approximately 77 days, measured from the last cycle high to the next.
Using this 77-day schedule, Master Kenobi explained that the next Dogecoin price peak is expected to occur around January 20, 2025. He added that he is not focused on value but on timing. Meanwhile, the crypto analyst drew attention to a significant event on January 20 that could trigger the upswing for DOGE.
Inauguration of Donald Trump is the significant event foreshadowed by Master Kenobi. The inauguration could contribute to the rise in Dogecoin price, especially considering Elon Musk’s Department of Government Efficiency (DOGE) comes to life.
DOGE has completed a retest of critical zones
In an X post, crypto analyst Kevin Capital revealed that Dogecoin price has completed the retest of $0.26 and the macro gold pocket and bull market support band. The crypto analyst noted that for DOGE to remain macro-optimistic and continue rising, the leading meme coin needs to see a significant bounce out of this zone.
Kevin added that a loss of the $0.26 zone at weekly closes could be catastrophic. Now a crypto analyst Trader Tardigrade provided an optimistic outlook for Dogecoin price. He drew attention to a symmetrical triangle that had formed for DOGE and explained that it could serve as a solid base for the next uptrend.
At the time of writing, Dogecoin price is trading at around $0.31, down over 2% in the last 24 hours Data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com