Crypto analyst Master Kenobi provided an overview of the current price action of Dogecoin while referencing the Bitcoin halving and previous cycles. Using these metrics, the analyst revealed which phase of the bull Dogecoin is currently in and what to expect next for DOGE.
What’s Next for Dogecoin Price Based on Bitcoin Halving and Previous Cycles
In a MessageMaster Kenobi noted that 254 days have passed since the Bitcoin halving while observing the weekly DOGE-BTC chart in logarithmic view. Comparing Dogecoin’s price action to the previous cycle, he noted that the Relative Strength Index (RSI) suggests that DOGE is currently between Stage 2 and Stage 3.
Master Kenobi further noted that during the last cycle, the RSI stayed 84 days above the moving average (MA), then briefly fell below it, and then entered a massive upswing at stage 3 On the chart, the price of Dogecoin reportedly fell against BTC for two weeks and then moved sideways. The time from the local summit to the next summit was 77 days.
The crypto analyst revealed that a similar trend for Dogecoin price is currently taking place. DOGE’s RSI has also been 84 days above the MA, followed by a decline below it to around the same level. Price action now hints at a consolidation phase lasting approximately 77 days, measured from the last peak of the cycle to the next.
Using this 77-day timeline, Master Kenobi said that the next peak in Dogecoin price is expected to occur around January 20, 2025. He added that he is not focused on value but on timing. Meanwhile, the crypto analyst drew attention to a significant event on January 20 that could trigger the pump for DOGE.
The inauguration of Donald Trump is the significant event to which Master Kenobi alluded. The inauguration could help drive up the price of Dogecoin, especially as Elon Musk’s Department of Government Efficiency (DOGE) comes to life.
DOGE Completes Retest of Critical Zones
In an article X, crypto analyst Kevin Capital revealed that Dogecoin price completed the retest of $0.26 and the golden macro pocket and bull market support band. The crypto analyst noted that for DOGE to remain macro-bullish and move higher, the leading coin needs to see a significant rebound from this zone.
Kevin added that a loss from the $0.26 area at weekly closes could be catastrophic. Meanwhile, crypto analyst Trader Tardigrade provided a bullish outlook for Dogecoin price. He drew attention to a symmetrical triangle that had formed for DOGE and said this could serve as a strong foundation for the next step.
At the time of writing, Dogecoin price is trading at around $0.31, down more than 2% in the last 24 hours, according to data from CoinMarketCap.