[ad_1]
Crypto analyst Master Kenobi has again alluded to the 91-day pattern to provide insights into where the Dogecoin price could be headed next. The analyst suggested that things could turn out differently for DOGE as its price action hasn’t exactly followed this historical pattern.
What Next For The Dogecoin Price
In an X post, Master Kenobi suggested that the 91-day sequence scenario may have been invalidated for the Dogecoin price. He explained that the chart had only touched the green trendline and failed to break through the yellow or orange trendline. This green trendline is at $0.46, which the DOGE price touched last week.
Related Reading
However, the Dogecoin price failed to touch the yellow or orange trendline, which is at around $2 and $4, respectively. Before now, the crypto analyst predicted that Dogecoin could break above $1 and at least touch $2 this month as this 91-day pattern gets completed. Meanwhile, Master Kenobi also explained why Dogecoin closing last week in the green is significant.
The crypto analyst noted that the weekly close in the green marks the eighth consecutive green week for the Dogecoin price, marking the second time this has happened. Statistically, Master Kenobi opined that this is not the most favorable configuration for the DOGE price, suggesting that the foremost meme coin might be in uncharted waters.
However, based on Master Kenobi’s earlier Dogecoin price update, DOGE recording its eighth consecutive green week is something to keep an eye on. The last time this happened was during the final stage of the 2017 bull market, with a rally that began in November and ended in January with a 1,750% price increase during that period.
Therefore, if history were to repeat itself, the Dogecoin price could still record massive gains ahead. In November, DOGE recorded a price gain of 161%, providing a bullish outlook for the foremost meme coin. Meanwhile, the December candle is currently green, although DOGE has yet to come close to its November gains.
DOGE Is Far From A Price Breakout
Crypto analyst Kevin Capital has asserted that the Dogecoin price is still far from a breakout. He made this statement while revealing that DOGE is currently at the macro golden pocket with 0.703 and 0.786 right above, stretching to $0.60.
Related Reading
In line with this, the crypto analyst remarked that anything price action below $0.60 should be treated with major caution as Dogecoin is far from a breakout of any kind. Kevin also called for market analysts to stop with the endless euphoria as the Dogecoin price is nowhere near the level at which a breakout can be expected.
At the time of writing, the Dogecoin price is trading at around $0.44, down almost 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
[ad_2]
Source link
