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Cryptographic analyst Master Kenobi has alluded to the 91-day pattern again to provide insight into where Dogecoin price could be headed next. The analyst suggested that things could turn out differently for DOGE as its price action has not exactly followed this historical pattern.
What’s next for Dogecoin price?
in a x publicationMaster Kenobi suggested that the 91 day sequence The scenario may have been invalidated for the Dogecoin price. He explained that the chart had only touched the green trend line and failed to break through the yellow or orange trend line. This green trend line is at $0.46, which DOGE price touched last week.
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However, Dogecoin price failed to touch the yellow or orange trend line, which is around $2 and $4, respectively. Until now, the crypto analyst predicted that Dogecoin could break above $1 and at least touch $2 this month as this 91 day pattern completes. Meanwhile, Master Kenobi also explained why Dogecoin’s close in the green last week is significant.
The crypto analyst noted that the weekly close in green marks the eighth consecutive green week for the Dogecoin price, marking the second time this has happened. Statistically, Master Kenobi opined that this is not the most favorable setup for DOGE price, suggesting that the top meme coin could be in uncharted waters.
However, according to Master Kenobi’s previous Dogecoin price update, DOGE recording its eighth consecutive green week is something to keep an eye on. The last time this happened was during the final stage of the 2017 bull marketwith a rally that began in November and ended in January with a price increase of 1,750% during that period.
Therefore, if history were to repeat itself, Dogecoin price could still post massive gains in the future. In November, DOGE recorded a 161% price gain, providing a bullish outlook for the top meme coin. Meanwhile, the December candle is currently in green, although DOGE has yet to come close to its November gains.
DOGE is far from a price breakout
Cryptographic analyst Kevin Capital has claimed that Dogecoin price is still far from a breakout. He made this statement while revealing that DOGE is currently on the macro gold market with 0.703 and 0.786 just above, extending up to $0.60.
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In line with this, the cryptanalyst commented that anything price action Below $0.60 should be treated with great caution as Dogecoin is far from a breakout of any kind. Kevin also called on market analysts to stop the endless euphoria as the Dogecoin price is nowhere near the level where a breakout can be expected.
At the time of writing, Dogecoin price is trading at around $0.44, down almost 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
