Crypto analyst Master Kenobi has provided insights into the current Dogecoin price action while making reference to the Bitcoin halving and previous cycles. Using these metrics, the analyst revealed what phase of the bull Dogecoin is currently in and what next to expect for DOGE.
What Next For Dogecoin Price Based On Bitcoin Halving And Previous Cycles
In an X post, Master Kenobi noted that it had been 254 days post-Bitcoin Halving while observing the DOGE-BTC weekly chart in logarithmic view. Comparing the Dogecoin price action to the previous cycle, he remarked 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 84 days above the Moving Average (MA), then briefly dropped below it, and then entered a massive pump at Step 3. On the chart, the Dogecoin price is said to have dropped against BTC for two weeks, then moved sideways. The time between the local top and the next peak was 77 days.
The crypto analyst revealed that a similar pattern for the Dogecoin price is currently unfolding. DOGE’s RSI has also been 84 days above the MA, followed by a drop below it at approximately the same level. The price action now hints at a consolidation phase lasting about 77 days, measured from the last cycle top to the next.
Using this 77-day timeline, Master Kenobi stated that the next peak for the Dogecoin price should occur around January 20, 2025. He added that he is not focused on the value but on the timing. Meanwhile, the crypto analyst drew attention to a significant event on January 20 that could spark the pump for DOGE.
Donald Trump’s inauguration is the significant event that Master Kenobi hinted at. The inauguration could contribute to the pump for the Dogecoin price, especially considering 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 post, crypto analyst Kevin Capital revealed that the Dogecoin price has completed the retest of $0.26 and the macro golden pocket and Bull Market Support band. The crypto analyst remarked that for DOGE to remain macro-bullish and head higher, the foremost meme coin needs to see a significant bounce from this zone.
Kevin added that a loss of the $0.26 zone on weekly closes could be catastrophic. Meanwhile, crypto analyst Trader Tardigrade provided a bullish outlook for the Dogecoin price. He drew attention to a symmetrical triangle that had formed for DOGE and stated that this could act as a solid base for the next leg up.
At the time of writing, the Dogecoin price is trading at around $0.31, down over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com