Crypto analyst Master Kenobi has supplied insights into the present Dogecoin value motion whereas making reference to the Bitcoin halving and former cycles. Using these metrics, the analyst revealed what section of the bull Dogecoin is presently in and what subsequent to count on for DOGE.
What Next For Dogecoin Price Based On Bitcoin Halving And Previous Cycles
In an X post, Master Kenobi famous that it had been 254 days post-Bitcoin Halving whereas observing the DOGE-BTC weekly chart in logarithmic view. Comparing the Dogecoin value motion to the earlier cycle, he remarked that the Relative Strength Index (RSI) means that DOGE is presently between Step 2 and Step 3.
Master Kenobi additional famous that within the final cycle, the RSI stayed 84 days above the Moving Average (MA), then briefly dropped under it, after which entered an enormous pump at Step 3. On the chart, the Dogecoin value is claimed to have dropped towards BTC for 2 weeks, then moved sideways. The time between the local top and the following peak was 77 days.
The crypto analyst revealed {that a} similar pattern for the Dogecoin value is presently unfolding. DOGE’s RSI has additionally been 84 days above the MA, adopted by a drop under it at roughly the identical degree. The value motion now hints at a consolidation section lasting about 77 days, measured from the final cycle prime to the following.
Using this 77-day timeline, Master Kenobi acknowledged that the following peak for the Dogecoin value ought to happen round January 20, 2025. He added that he’s not targeted on the worth however on the timing. Meanwhile, the crypto analyst drew consideration to a big occasion on January 20 that would spark the pump for DOGE.
Donald Trump’s inauguration is the numerous occasion that Master Kenobi hinted at. The inauguration may contribute to the pump for the Dogecoin value, particularly contemplating that Elon Musk’s Department of Government Efficiency (D.O.G.E) will come to life.
DOGE Has Completed A Retest Of Critical Zones
In an X submit, crypto analyst Kevin Capital revealed that the Dogecoin value has accomplished the retest of $0.26 and the macro golden pocket and Bull Market Support band. The crypto analyst remarked that for DOGE to stay macro-bullish and head larger, the foremost meme coin must see a big bounce from this zone.
Kevin added {that a} lack of the $0.26 zone on weekly closes could possibly be catastrophic. Meanwhile, crypto analyst Trader Tardigrade supplied a bullish outlook for the Dogecoin value. He drew consideration to a symmetrical triangle that had shaped for DOGE and acknowledged that this might act as a stable base for the following leg up.
At the time of writing, the Dogecoin value is buying and selling at round $0.31, down over 2% within the final 24 hours, in line with data from CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com
