In the ever-evolving landscape of cryptocurrency, analysts are consistently seeking to provide clarity on market movements. Recently, crypto analyst Master Kenobi offered a deep dive into the current price action of Dogecoin, particularly in relation to the Bitcoin halving and historical cycles. Through nuanced analysis, he assessed the phase of the Dogecoin bull run and outlined potential future movements for the cryptocurrency.
Dogecoin’s Price Trajectory and Bitcoin Halving Insights
In an eye-opening X post, Master Kenobi highlighted that Dogecoin is currently 254 days post-Bitcoin halving, while examining the DOGE-BTC weekly chart from a logarithmic perspective. By juxtaposing the current price action with previous cycles, he noted that the Relative Strength Index (RSI) indicates Dogecoin is presently positioned between Step 2 and Step 3 in its price journey.
Further elaborating on these findings, Master Kenobi commented that during the last cycle, the RSI remained above the Moving Average (MA) for an impressive duration of 84 days before experiencing a brief dip. This phase led to a significant price surge at Step 3. Analyzing the recent price movement, he noted a similar trend for Dogecoin, where the price fell against BTC over two weeks before moving sideways. Notably, the interval between the last local top and the subsequent peak spanned 77 days.
Capitalizing on this timeline, Master Kenobi forecasts that Dogecoin could reach its next peak around January 20, 2025. He emphasized that the core focus is on timing rather than specific value targets. Additionally, he pointed to an upcoming significant event on this date that may catalyze movements for DOGE.
As noted, this event is none other than Donald Trump’s inauguration. The implications of this event, combined with the anticipated launch of Elon Musk’s Department of Government Efficiency (D.O.G.E), could potentially drive a surge in Dogecoin prices.
DOGE’s Position: Critical Retesting and Market Support
In another update, crypto analyst Kevin Capital indicated that Dogecoin has successfully retested critical support levels at $0.26, alongside the macro golden pocket and Bull Market Support band. He emphasized that for Dogecoin to maintain a macro-bullish outlook, it is imperative that a strong rebound from this support zone occurs.
Kevin warned that losing the $0.26 support zone on a weekly basis could have dire consequences for the cryptocurrency. Conversely, crypto analyst Trader Tardigrade presented a bullish perspective on Dogecoin, highlighting the formation of a symmetrical triangle that could serve as a strong foundation for the upcoming price increases.
As of the time of this writing, Dogecoin’s trading value stands at approximately $0.31, reflecting a decline of over 2% in the past 24 hours, according to data from CoinMarketCap.
