Cryptocurrency analyst Master Kenobi once again referenced the 91-day pattern to provide insights into the next direction of Dogecoin's price. The analyst suggests that things may turn out differently for DOGE as its price action does not entirely follow this historical pattern.
What will happen next to Dogecoin's price
In a post on X, Master Kenobi suggested that the 91-day chain scenario may have been invalidated for Dogecoin's price. He explained that the chart only touched the green trendline and could not break through the yellow or orange trendlines. This green trendline is $0.46, the price that DOGE touched last week.
However, Dogecoin's price did not reach the yellow or orange trendlines, which are approximately $2 and $4, respectively. Previously, the cryptocurrency analyst had predicted that Dogecoin could exceed $1 and at least touch $2 this month when this 91-day pattern completes. Meanwhile, Master Kenobi also explained why Dogecoin closing the week before in the green is significant.
The cryptocurrency analyst notes that the weekly close in the green marks the eighth consecutive green week for Dogecoin's price, marking the second time this has occurred. Statistically, Master Kenobi suggests that this is not the most favorable configuration for DOGE's price, indicating that the top meme coin may be in uncharted waters.
However, based on Master Kenobi's previous Dogecoin price update, it is notable that DOGE recorded its eighth consecutive green week. The last time this happened was during the late stage of the 2017 bull market, with the price surge starting in November and ending in January with a price increase of 1,750% during that period.
Therefore, if history repeats itself, Dogecoin's price could still record significant gains in the future. In November, DOGE recorded a price increase of 161%, providing bullish prospects for the top meme coin. Meanwhile, the December candle is currently green, although DOGE has yet to achieve the gains of November.
DOGE is far from a price breakout
Cryptocurrency analyst Kevin Capital asserts that Dogecoin's price is still far from reaching a breakout level. He made this statement while revealing that DOGE is currently at the macro golden pocket with 0.703 and 0.786 just above, extending to $0.60.
In line with this, the cryptocurrency analyst remarked that any price action below $0.60 should be handled with extreme caution as Dogecoin is not a breakout at all. Kevin also urged market analysts to stop with the endless excitement as Dogecoin's price is far from reaching a level that could be expected for a breakout.
At the time of writing, Dogecoin's price is trading at around $0.44, down nearly 4% in the past 24 hours, according to data from CoinMarketCap.
DYOR! #Write2Win #Write&Earn $DOGE
