Crypto analyst Master Kenobi recently discussed the current price action of Dogecoin and the upcoming inauguration of Donald Trump. According to his analysis, the latter could have a significant impact on the price of DOGE, with the next seven days looking very important.
What could happen to Dogecoin during Donald Trump’s inauguration
In a MessageMaster Kenobi revealed that Dogecoin has formed a symmetrical triangle that will close around January 20, the day of Donald Trump’s inauguration. This indicates that the next seven days could be very important as the political event could determine whether DOGE breaks out of this upward triangle or not.
The analyst’s attached chart shows that Dogecoin could first rally back to $0.50 if it breaks out of this symmetrical triangle. A Rally to $0.55 and the Meme Coin Current absolute record (ATH) of $0.74 are also on the agenda. Master Kenobi also predicts that DOGE could eventually reach the much-anticipated psychological level of $1.
The crypto analyst previously predicted that Dogecoin could reach a new peak around the inauguration of Donald Trump. He made this prediction by hinting at a 77-day delay between the meme coin’s local high and its next high. He also referenced Trump’s inauguration and suggested that would trigger a pump for the top coin.
In addition to Trump’s pro-crypto stance, the inauguration of the US president-elect is also positive for Dogecoin because Elon Musk’s commitment Ministry of Government Effectiveness (DOGE) will finally come to life. This development offers an optimistic outlook for DOGE, as the meme coin inspired the name of this government department.
Additionally, Musk is a big supporter of Dogecoin and should indirectly sell the same coin at different times by mentioning DOGE at different times.
DOGE is in the middle of a wave
In a post Tardigrade Merchant provided an optimistic outlook for Dogecoin, stating that the leading coin is on the rise. This happened when he revealed that DOGE was aligning with the Arnaud Legoux 50 Moving Average (ALMA). The crypto analyst added that the pattern is perfectly in sync with the last cycle from 2018 to 2020. In the same vein, trader Tardigrade pointed out that the meme coin is surging.
Meanwhile, the crypto analyst also recently explained why Dogecoin’s market top in this cycle is still far away. According to him, Dogecoin Bollinger Bandwidth (BBW) suggests that the coin still has room to rise until it reaches the next high. Its attached chart shows that the top coin could peak above $5.
At the time of writing, the price of Dogecoin is trading at around $0.32, down almost 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com