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Renowned crypto analyst, Master Kenobi, has once again drawn attention to the 91-day pattern as a means to forecast potential movements in Dogecoin’s price. However, the analyst has raised the possibility that DOGE’s price trajectory might diverge from this historical pattern, leading to different outcomes.
What Lies Ahead for Dogecoin?
In a recent post on platform X, Master Kenobi indicated that the anticipated 91-day sequence might not hold for Dogecoin. He detailed that the price chart only managed to touch the green trendline, failing to breach either the yellow or orange trendlines. The green trendline, positioned at $0.46, was reached by DOGE last week.
Insights from Historical Trends
Contrary to earlier predictions that Dogecoin could surpass $1 and possibly reach $2 this month, the price has not yet met the yellow or orange trendlines, which are at approximately $2 and $4, respectively. Master Kenobi emphasized the significance of Dogecoin closing the previous week in the green, noting it as the eighth consecutive week of positive gains for the cryptocurrency. This pattern has only been observed twice in Dogecoin’s history, raising questions about potential future movements.
Historical Context and Potential Gains
Historically, an eight-week green streak is a rare occurrence for DOGE. The last instance was during the 2017 bull market, culminating in a dramatic 1,750% increase in price. Should history repeat itself, Dogecoin may still experience significant price hikes. In November, DOGE achieved a 161% price surge, painting a promising picture for the leading meme coin. Although December has started on a positive note, DOGE has yet to match its November performance.
Challenges Ahead: DOGE’s Path to a Breakout
According to crypto analyst Kevin Capital, Dogecoin remains distant from a major price breakout. He shared insights that DOGE is currently positioned within the macro golden pocket, ranging from 0.703 to 0.786, extending upwards to $0.60.
Cautionary Notes for Investors
Kevin Capital cautioned investors to exercise prudence with any price movement below $0.60, as Dogecoin is far from reaching a breakout threshold. He urged market analysts to temper their enthusiasm, emphasizing that the current price levels do not justify expectations of a breakout.
As of this writing, Dogecoin is trading at approximately $0.44, reflecting a decline of nearly 4% over the past 24 hours, as reported by CoinMarketCap.
