Halving and Previous Cycles š
In a recent analysis on X (formerly Twitter), crypto analyst Master Kenobi highlighted intriguing insights into Dogecoinās (DOGE) price action compared to previous Bitcoin halving cycles. šš
Key Observations:
1. 254 Days Post-Bitcoin Halving
Master Kenobi analyzed the DOGE-BTC weekly chart in logarithmic view and noted that Dogecoin's price action is currently between Step 2 and Step 3, according to the Relative Strength Index (RSI).
2. RSI Patterns from Previous Cycles
In the last cycle, RSI stayed above the Moving Average (MA) for 84 days, briefly dipped, and then entered a massive pump during Step 3.
DOGE experienced a two-week drop, moved sideways, and peaked after 77 days from the local top.
Current Scenario for DOGE:
RSI has followed a similar pattern, staying 84 days above the MA and recently dipping below it.
A consolidation phase of approximately 77 days is anticipated, setting the stage for the next peak around January 20, 2025.
šØ Significant Event Alert šØ
Master Kenobi hinted at Donald Trumpās inauguration on January 20, 2025, as a potential catalyst for DOGEās price pump. Additionally, Elon Muskās Department of Government Efficiency (D.O.G.E) could amplify Dogecoinās momentum.
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DOGE Retests Critical Zones š ļø
Crypto analyst Kevin Capital provided further insights:
Critical Support Levels:
DOGE recently retested the $0.26 zone, aligning with the macro golden pocket and Bull Market Support band.
A strong bounce from this level is crucial to maintain its macro-bullish trajectory.
Failure to hold this zone could spell trouble, with weekly closes below $0.26 being catastrophic.
Bullish Formation š
Trader Tardigrade highlighted a symmetrical triangle forming on the DOGE chart, which could act as a launchpad for the next rally.
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Current DOGE Price Update š
As of now, Dogecoin is trading at $0.31, down 2% in the past 24 hours, according to CoinMarketCap.
Whatās Next?
With historical patterns aligning and key events ahead, DOGE could be poised for a massive rally in 2025. For now:
Keep an eye on the $0.26 support zone.
Watch for January 20, 2025, as a potential turning point.
Stay tuned for DOGEās next leg up!
Will Dogecoin rise to new heights or face new challenges? Letās wait and see! šš
$DOGE suggestion to invest.
Do your own research before invest.
