Cryptographic analyst Master Kenobi has provided insight into the current Dogecoin price action while referencing the Bitcoin halving and previous cycles. Using these metrics, the analyst revealed what bull phase Dogecoin is currently in and what is expected next for DOGE.
What’s next for Dogecoin price based on the Bitcoin halving and previous cycles?
in a x publicationMaster Kenobi noted that it had been 254 days after the Bitcoin halving while looking at the weekly DOGE-BTC chart in logarithmic view. Comparing Dogecoin’s price action to the previous cycle, he commented 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 fell below it, and then entered a massive rise in Step 3. On the chart, says that Dogecoin price has fallen against BTC for two weeks and then moved sideways. The time between local summit and the next peak was 77 days.
The crypto analyst revealed that a similar pattern of Dogecoin price is currently developing. DOGE’s RSI has also spent 84 days above the moving average, followed by a drop below it to approximately the same level. The price action now hints at a consolidation phase that will last approximately 77 days, measured from the high of the last cycle to the next.
Using this 77-day timeline, Master Kenobi stated that the next Dogecoin price peak should occur around January 20, 2025. He added that he is not focusing on value but on timing. Meanwhile, the crypto analyst drew attention to a major event on January 20 that could spark DOGE momentum.
Donald Trump’s inauguration is the significant event that Master Kenobi hinted at. The inauguration could contribute to the increase in the price of Dogecoin, especially considering that Elon Musk’s Department of Government Efficiency (DOGE) will come to life.
DOGE has completed a new critical zone test
In a post X, crypto analyst Kevin Capital revealed that Dogecoin price has completed the retest of $0.26 and the golden macro pocket and bull market support band. The crypto analyst commented that for DOGE to remain macro-bullish and rise further, the top meme coin needs to experience a significant bounce from this zone.
Kevin added that a loss from the $0.26 area in the weekly closes could be catastrophic. Meanwhile, cryptanalyst Tardigrade Trader provided a bullish outlook for Dogecoin price. He drew attention to a symmetrical triangle that had formed for DOGE and stated that this could act as a solid foundation for the next leg up.
At the time of writing, Dogecoin price is trading at around $0.31, down more than 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
