Dogecoin Price Prediction Analyzed with 91-Day Pattern Insights
Crypto analyst Master Kenobi referenced a 91-day pattern to analyze potential Dogecoin price movements. He noted that current price action diverges from this historical trend.
What Next For The Dogecoin Price
In an X post, Master Kenobi indicated that the 91-day sequence for Dogecoin may have been invalidated. He observed that the price only touched the green trendline at $0.46 without breaking through the yellow or orange trendlines, which are around $2 and $4, respectively. Previously, he predicted that Dogecoin might surpass $1 and approach $2 this month.
Master Kenobi highlighted the significance of Dogecoin closing last week in the green, marking its eighth consecutive green week, a feat achieved only once before. He suggested this configuration may not be favorable for DOGE, indicating it could be entering uncharted territory. Historically, the last time such a streak occurred was during the final phase of the 2017 bull market, which saw a 1,750% increase.
If historical trends repeat, significant gains could be ahead for Dogecoin. In November, DOGE gained 161%, suggesting a bullish outlook despite the current December candle remaining green but not nearing November's highs.
DOGE Is Far From A Price Breakout
Analyst Kevin Capital stated that Dogecoin is distant from achieving a breakout. He indicated that DOGE is currently at the macro golden pocket with resistance levels at 0.703 and 0.786, extending to $0.60.
Kevin advised caution regarding any price action below $0.60, asserting that Dogecoin is not positioned for a breakout. He urged market analysts to temper exuberance as the price remains far from breakout territory.
As of now, Dogecoin is trading around $0.44, down nearly 4% in the past 24 hours, according to CoinMarketCap.
