Crypto analyst Master Kenobi has supplied insights into the present Dogecoin worth motion whereas making reference to the Bitcoin halving and former cycles. Utilizing these metrics, the analyst revealed what section of the bull Dogecoin is presently in and what subsequent to count on for DOGE.
What Subsequent For Dogecoin Value Based mostly On Bitcoin Halving And Earlier Cycles
In an X post, Grasp Kenobi famous that it had been 254 days post-Bitcoin Halving whereas observing the DOGE-BTC weekly chart in logarithmic view. Evaluating the Dogecoin worth motion to the earlier cycle, he remarked that the Relative Strength Index (RSI) means that DOGE is presently between Step 2 and Step 3.
Grasp Kenobi additional famous that within the final cycle, the RSI stayed 84 days above the Shifting Common (MA), then briefly dropped beneath it, after which entered an enormous pump at Step 3. On the chart, the Dogecoin worth is claimed to have dropped in opposition to 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 worth is presently unfolding. DOGE’s RSI has additionally been 84 days above the MA, adopted by a drop beneath it at roughly the identical stage. The worth motion now hints at a consolidation section lasting about 77 days, measured from the final cycle prime to the following.
Utilizing this 77-day timeline, Grasp Kenobi said that the following peak for the Dogecoin worth ought to happen round January 20, 2025. He added that he’s not centered on the worth however on the timing. In the meantime, the crypto analyst drew consideration to a major occasion on January 20 that might spark the pump for DOGE.
Donald Trump’s inauguration is the numerous occasion that Grasp Kenobi hinted at. The inauguration might contribute to the pump for the Dogecoin worth, particularly contemplating that Elon Musk’s Division of Authorities Effectivity (D.O.G.E) will come to life.
DOGE Has Accomplished A Retest Of Crucial Zones
In an X submit, crypto analyst Kevin Capital revealed that the Dogecoin worth has accomplished the retest of $0.26 and the macro golden pocket and Bull Market Assist band. The crypto analyst remarked that for DOGE to stay macro-bullish and head larger, the foremost meme coin must see a major bounce from this zone.
Kevin added {that a} lack of the $0.26 zone on weekly closes may very well be catastrophic. In the meantime, crypto analyst Trader Tardigrade supplied a bullish outlook for the Dogecoin worth. He drew consideration to a symmetrical triangle that had shaped for DOGE and said that this might act as a stable base for the following leg up.
On the time of writing, the Dogecoin worth is buying and selling at round $0.31, down over 2% within the final 24 hours, in keeping with data from CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com