Emily Walker
Crypto expert Master Kenobi has shared his analysis of Dogecoin’s market behavior while connecting it to Bitcoin’s halving events and past trends. He has used these data points to determine the current phase of Dogecoin’s potential bull run and what may follow.
Future Projections for Dogecoin Price Linked to Bitcoin Halving and Historical Trends
In a recent post on X, Master Kenobi pointed out that it has been 254 days since the last Bitcoin Halving event as he examined the DOGE-BTC weekly chart in a logarithmic format. By contrasting the current Dogecoin price movements with those from earlier cycles, he observed that the Relative Strength Index (RSI) indicates that DOGE is situated between Step 2 and Step 3 of its cycle.
He elaborated that during the previous cycle, the RSI remained above the Moving Average (MA) for 84 days before dropping slightly, leading to a significant price surge during Step 3. Currently, Dogecoin has experienced a two-week downturn against BTC and is now in a sideways movement. Notably, the duration from this local high to the subsequent peak was 77 days.
Master Kenobi emphasized that a similar momentum appears to be forming again for Dogecoin. The current RSI is also at 84 days above the MA, followed by a decrease that mirrors previous patterns. It suggests a consolidation period that could last another 77 days, starting from the previous cycle’s peak.
With this timeframe in mind, he predicts that Dogecoin may reach its next peak around January 20, 2025, highlighting that he prioritizes timing over price valuation. Furthermore, he pointed out a major event on January 20 that could trigger a surge in DOGE’s value.
This pivotal event is the inauguration of Donald Trump, which may encourage a rise in Dogecoin’s price, particularly because Elon Musk’s newly proposed Department of Government Efficiency (D.O.G.E) is scheduled to launch.
Dogecoin Has Successfully Retested Key Levels
Moreover, another crypto expert, Kevin Capital, has reported that Dogecoin has effectively retested the $0.26 mark alongside the macro golden pocket and the Bull Market Support band. He remarked that for DOGE to maintain a bullish market stance and progress upward, it is essential to see a notable rebound from this level.
Kevin warned that falling below the $0.26 level on weekly closes could have severe consequences. Conversely, trader Trader Tardigrade expressed a positive outlook for Dogecoin, noting the formation of a symmetrical triangle that could provide a strong foundation for the next upward movement.
As of the latest data, Dogecoin is trading around $0.31, down over 2% in the past 24 hours, according to CoinMarketCap.