While I was looking at the weekly DOGE-BTC chart in logarithm mode, I noticed a post on X that it has been 254 days since Bitcoin’s downtrend. Comparing Dogecoin’s price action to the previous cycle, he said that the Relative Strength Index (RSI) indicates that DOGE is between step 2 and step 3.
In the previous cycle, the RSI was above the 84-day moving average (MA), then briefly dropped below it, and then started a big pump in step 3. The chart shows that Dogecoin fell against Bitcoin for two weeks before moving sideways. The period from the local high to the next high was 77 days.
Crypto Analyst: Dogecoin price is following a similar path. DOGE’s RSI has fallen below the moving average at almost the same level after 84 days above it. Recent market activity suggests a 77-day consolidation period from the previous cycle high to the next high.
Master Kenobi predicted that the price of Dogecoin will rise around January 20, 2025, using this 77-day timeline. He said that he prefers time over value. At the same time, the crypto expert pointed to an event on January 20 that could boost Dogecoin.
Master Kenobi pointed to Trump’s inauguration. Since Elon Musk’s Department of Government Efficiency (D.O.G.E.) is set to launch, the inauguration could boost Dogecoin prices.
Dogecoin Tests Crucial Areas Again
Crypto expert Kevin Capital on X said that Dogecoin has once again tested $0.26, the gold pocket, and the bull market support range. The leading meme coin needs a significant recovery from this area to remain bullish, according to the crypto expert.
Kevin warns that weekly closing losses below $0.26 could be catastrophic. Crypto expert trader tardigrade predicts Dogecoin price rally. He sees DOGE symmetrical triangle and says it could support the next leg.
Dogecoin is now selling for $0.31, down more than 2% in 24 hours, according to CoinMarketCap.