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Renowned crypto analyst, Master Kenobi, has shared his expertise regarding the evolving price dynamics of Dogecoin. According to his analysis, the pioneering meme coin is steadily approaching the moving average (MA) line, a critical threshold that could potentially lead to a new all-time high (ATH).
Dogecoin’s Path to ATH: Weekly RSI Nears Crucial MA Line
In a recent post, Master Kenobi highlighted that Dogecoin’s weekly Relative Strength Index (RSI) is nearing the MA line. He emphasized that surpassing this level is essential to validate a sustained upward trajectory for Dogecoin. If these pivotal barriers are successfully overcome, the existing ATH of $0.74 becomes the next significant milestone for the meme coin.
Analyzing the Resistance: DOGE’s Current Market Challenges
Despite a robust week for DOGE, Master Kenobi noted that closing in the ATH zone remains improbable for now. A significant obstacle highlighted by the analyst is the resistance DOGE encounters at the upper green trendline on his chart. This follows a successful test of the lower green trendline two weeks prior.
Political Factors and Market Dynamics
From a fundamental standpoint, the analyst speculated that Donald Trump’s potential return to the White House could act as both an indicator and a major catalyst for Dogecoin achieving its current ATH.
Strategic Insights from Crypto Analyst Kevin Capital
Crypto analyst Kevin Capital offered additional strategies for Dogecoin to reach and surpass its ATH. He suggested that DOGE must first break the macro golden pocket at $0.49, then surpass the Fib .703 level at $0.53, followed by a clear break above $0.59. Achieving a sustained breakout above $0.59 could set the stage for a new ATH for Dogecoin.
DOGE Poised for the Next Bullish Phase
The Dogecoin price appears ready for the next upward movement in its bull run. In a detailed post, crypto analyst Trader Tardigrade pointed out that a bullish MACD crossover has taken place on the daily chart. This technical indicator previously led to a dramatic surge in DOGE’s price, from $0.11 to $0.43.
Predicting Future Price Movements
Trader Tardigrade suggested that Dogecoin could experience a similar rally again. His analysis indicates that DOGE might reach the coveted psychological $1 level in this upcoming bullish phase. Moreover, he mentioned that the meme coin has recently entered the distribution phase in the “Power of Three” (PO3) pattern, which supports the $1 target.
Future Predictions: Looking Beyond $1
Master Kenobi also projected that Dogecoin could climb as high as $1.2 if it breaks its ATH by the end of January.
Current Market Status
As of the latest data, Dogecoin’s price stands at approximately $0.38, marking an increase of over 15% in the past 24 hours, according to CoinMarketCap statistics. The DOGE price is advancing toward the $0.4 mark.
