As a seasoned researcher with years of experience in the crypto market, I find myself intrigued by the latest analysis from Master Kenobi and Kevin Capital regarding Dogecoin (DOGE). Having witnessed the 2017 bull run firsthand, I can’t help but feel a sense of deja vu when seeing DOGE’s price action.
Crypto expert Master Kenobi recently hinted at the significance of a 91-day trend in predicting potential movements in Dogecoin’s value. However, he noted that the coin’s current behavior might deviate from this traditional pattern, implying that its future price direction could differ.
What Next For The Dogecoin Price
In a recent post on X, Master Kenobi posited that the 91-day sequence theory for Dogecoin’s price might no longer hold true. He elaborated that the chart so far has only brushed up against the green trendline but hasn’t managed to surpass the yellow or orange trendlines. This significant green trendline currently sits at approximately $0.46, a level Dogecoin’s price touched in the previous week.
Contrary to expectations, the price of Dogecoin didn’t reach the yellow or orange trendline (approximately $2 and $4), as some crypto analysts had forecasted. Earlier predictions suggested that Dogecoin might surpass $1 and at least hit $2 this month due to a 91-day pattern completion. Simultaneously, Master Kenobi discussed the importance of Dogecoin ending the previous week in the positive.
The crypto expert pointed out that the weekly closing with a positive trend represents the eighth consecutive week of green candles for Dogecoin’s price, which is the second instance of such occurrence. Master Kenobi added that from a statistical perspective, this pattern may not be particularly advantageous for Dogecoin, hinting that the leading meme coin could potentially be sailing in uncharted territories.
Looking at Master Kenobi’s previous Dogecoin price report, it’s worth noting that DOGE has now posted its eighth straight green week. This hasn’t happened since the peak of the 2017 bull market. The last time this occurred was during the final phase, with a surge starting in November and peaking in January, resulting in a staggering 1,750% price rise over that period.
If history repeats itself, it’s possible that Dogecoin prices could continue to rise significantly in the future. In fact, back in November, Dogecoin experienced a price increase of 161%, which indicates a positive outlook for this popular meme coin. As we speak, the December candle is currently green, although Dogecoin hasn’t quite reached the heights it did in November yet.
DOGE Is Far From A Price Breakout
As a crypto investor, I’ve been closely following the market trends, and according to my analysis, Kevin Capital suggests that the price of Dogecoin is yet to experience a significant breakout. He points out that we’re currently in what he calls a “macro golden pocket,” with resistance levels at 0.703 and 0.786 slightly above, extending down to $0.60.
Accordingly, the crypto expert warned that if Dogecoin’s price drops below $0.60, it should be approached with significant caution, as it’s still quite some distance from any potential breakthrough. Furthermore, Kevin advised analysts to tone down their excessive optimism since the current Dogecoin price doesn’t indicate an imminent breakout yet.
Currently, as I’m typing this, Dogecoin’s value is approximately $0.44 per coin. Over the past day, it has decreased by nearly 4%. This information is derived from data provided by CoinMarketCap.
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2024-12-09 20:46