Cryptocurrency analyst Master Kenobi referenced Bitcoin halving and previous cycles to provide insights into Dogecoin's current price trend. Through these indicators, the analyst revealed which phase of the bull market Dogecoin is currently in and what the next move for Dogecoin might be.
Based on Bitcoin halving and previous cycles, what will be the next step for Dogecoin's price?
In a post on X, Master Kenobi noted while observing the DOGE-BTC weekly chart in a logarithmic view that 254 days have passed since the Bitcoin halving. By comparing Dogecoin's price movement to the previous cycle, he indicated that the relative strength index (RSI) suggests DOGE is currently between the second and third steps.
Master Kenobi further noted that in the previous cycle, the RSI stayed above the moving average (MA) for 84 days, then briefly dipped below that level, before entering a substantial rise in the third step. On the chart, it is said that Dogecoin's price against BTC fell for two weeks and then consolidated. The time interval between local tops and the next peak was 77 days.
This cryptocurrency analyst revealed that Dogecoin's price is currently exhibiting a similar pattern. Dogecoin's RSI also stayed above the MA for 84 days before dipping below the MA, with a similar drop. The current price trend suggests that the consolidation phase from the previous cycle's peak to the next peak will last for about 77 days.
Based on this 77-day timeline, Master Kenobi stated that the next peak in Dogecoin's price should occur around January 20, 2025. He added that he is not focused on value but on timing. Meanwhile, this cryptocurrency analyst draws attention to an important event that will happen on January 20, which could trigger a rise in Dogecoin's price.
Donald Trump's inauguration is a significant event hinted at by Master Kenobi. The inauguration could drive up Dogecoin's price, especially considering Elon Musk's upcoming Government Efficiency Department (DOGE).
DOGE has completed a retest of a key area.
In a post on X, cryptocurrency analyst Kevin Capital revealed that Dogecoin's price has completed a retest of $0.26 and the macro gold pocket and bull market support band. This cryptocurrency analyst pointed out that for Dogecoin to maintain its bullish momentum and rise, this most important meme coin needs to stage a significant rebound from this area.
Kevin added that a weekly close below the $0.26 area could have disastrous consequences. Meanwhile, cryptocurrency analyst Trader Tardigrade gives a bullish outlook for Dogecoin's price. He points out the symmetrical triangle that Dogecoin has formed and states that this could serve as a solid foundation for the next round of increases.
According to data from CoinMarketCap, at the time of writing, Dogecoin's price is approximately $0.31, having dropped more than 2% in the past 24 hours.
Historically, Dogecoin (DOGE) is expected to rise by 91%.
The mainstream and possibly the most popular meme cryptocurrency, Dogecoin (DOGE), is set to achieve an impressive 91% increase in January. According to CryptoRank data, based on over a decade of data, DOGE's average return in January is 91.5%.
Interestingly, although Dogecoin was created in 2013, its most profitable January was in 2021, when the price of this meme coin surged by 711.5%. However, since then, Dogecoin's performance has not been as rich, with two declines and a 37.2% increase in 2023.
But from a more macro perspective, only 5 out of 11 Januarys have closed higher, and based on current statistics, Dogecoin's likelihood of dropping in January is higher. The median return rate for Dogecoin is -7.95%, which also indicates this.
Thus, as of now, the DOGE road in January is essentially two different paths.
Ethereum to the rescue.
To support DOGE's potential rebound in January, the price history of Ethereum and other major altcoins suggests a possible upcoming altcoin season.
According to the data, from January to May, Ethereum's average and median return rates have been positive for five consecutive months. Additionally, during this period, ETH's lowest median return rate still stands at 12.1%.
If Ethereum ultimately showcases its strength and kicks off the long-awaited altcoin season, Dogecoin is likely to follow suit. In this case, predictions for Dogecoin's price growth will not be limited to January. However, let's first see how the first month unfolds.
