Crypto analyst Grasp Kenobi has offered 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 at the moment in and what subsequent to count on for DOGE.
What Subsequent For Dogecoin Worth Based mostly On Bitcoin Halving And Earlier Cycles
In an X put up, 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 Power Index (RSI) means that DOGE is at the moment 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 a large pump at Step 3. On the chart, the Dogecoin worth is alleged to have dropped towards BTC for 2 weeks, then moved sideways. The time between the native high and the subsequent peak was 77 days.
The crypto analyst revealed {that a} related sample for the Dogecoin worth is at the moment 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 high to the subsequent.
Utilizing this 77-day timeline, Grasp Kenobi said that the subsequent 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 would spark the pump for DOGE.
Donald Trump’s inauguration is the numerous occasion that Grasp Kenobi hinted at. The inauguration may 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 Essential Zones
In an X put up, 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 greater, 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 Dealer Tardigrade offered 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 strong base for the subsequent 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 accordance with information from CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com
