The spotlight has recently turned to the Dogecoin market, thanks to crypto analyst Master Kenobi. His latest analysis delves into the coin’s price patterns in light of Donald Trump’s upcoming inauguration, suggesting that this political milestone could dramatically impact Dogecoin’s valuation. For traders and investors, the next week promises to be crucial.
Price Projections and Patterns
Master Kenobi has identified a symmetrical triangle pattern forming in Dogecoin’s trading chart, projected to reach its conclusion on January 20, the day of Trump’s inauguration. This event could prove decisive, as it may determine if Dogecoin is poised for a significant upward breakout.
Should Dogecoin manage to surge past its current levels, Master Kenobi forecasts an ascent to $0.50. Looking even further ahead, he laid out bullish targets, hinting that the cryptocurrency might climb to $0.55, and perhaps even revisit its previous high of $0.74. There’s also speculation that it could edge closer to the key psychological mark of $1 in the foreseeable future.
Historical Patterns and Analyst Insights
Adding depth to his analysis, Master Kenobi pointed to a historical pattern indicating that Dogecoin might peak around Trump’s inauguration. This observation hinges on a 77-day cycle from the last recorded high to the expected new peak, a correlation that resonates with Trump’s positive stance on cryptocurrencies and his establishment of the Department of Government Efficiency (D.O.G.E)—a nod to Dogecoin’s branding.
In alignment with his viewpoint, another analyst, Trader Tardigrade, chimed in with observations of Dogecoin’s apparent upward momentum, which corresponds with the 50-day Arnaud Legoux Moving Average (ALMA). He noted similarities to trends witnessed during the previous peak cycle from 2018 to 2020, positing that Dogecoin’s peak has yet to materialize, and expressing optimism that the coin could potentially soar past $5.
Current Market Status
At present, Dogecoin is trading at approximately $0.32, reflecting a nearly 4% dip over the last 24 hours. This ongoing fluctuation presents traders with both challenges and opportunities as they navigate the evolving landscape of this popular cryptocurrency.
Source: Bitcoinist
