Robust optimism in the market resulted in an enhance in growth Dogecoin as the dog-themed meme coin is attracting significant price increases compared to many major cryptocurrency assets, bringing in over 50% daily profit. While the coin has surged significantly over the past few days, the cryptocurrency analyst predicted that renewed upward momentum could be denied.
Recurrent historical trends for Dogecoin
In an crucial one update for Dogecoin investors and traders, Master Kenobi, a market expert and trader, warned against the potential rejection of the recent Dogecoin price surge in the miniature term. The analyst’s forecast is based on trends from the previous cycle, in which DOGE encountered forceful resistance after a similar upward move.
Moreover, his perspective suggests that without sustained bullish support, there is a possibility that the meme coin could face the same price headwinds as the coin rally of the last cyclewhich may result in a miniature price correction or consolidation.
Master Kenobi believes rejection of DOGE’s growth is likely as he predicts an eventual, major level resistance $0.33 before retesting its all-time high and trendline at $0.40. It is worth noting that the decline is likely to be followed by a consolidation phase lasting approximately 1-2 weeks as seen in the recent bull cycle. “This scenario perfectly matches what we observed during the same period of the previous cycle,” he added.
According to the market expert, the 91-day rectangle currently shows an almost identical price trend to the rectangle past cycle. For this reason, Kenobi believes that history may repeat itself, creating similar breakout conditions, as indicated by the comparative pattern of an initial rejection accompanied by a consolidation phase.
While DOGE’s performance in the previous cycle indicates deterioration, the expert also emphasized that the likelihood of the uptrend continuing is increased by this fractal similarity, especially if key support levels remain unchanged after the upcoming rejection phase.
For now, traders and traders are keeping a close eye on Dogecoin’s bullish momentum for a possible correction to adjust their positions in lithe of the ever-increasing demand for the second-largest currency the same corner.
The next few weeks could be arduous for DOGE
Master Kenobi’s insightful analysis coincides with the prediction of Kevin, a cryptography expert who also did this he noticed probable DOGE price correction in the coming weeks after examining Dogecoin’s weekly golden cross pattern.
According to Kevin, the last time the meme coin formed a weekly gold cross, it saw an enhance of about 200% that same week. However, within the next 3 weeks DOSE consolidated and recorded a 50% correction.
Quick forward to 4 years later and the meme coin is once again showing the same crossover and pumping trend. Given the developments, Kevin believes that at this point it is logical that DOGE could experience a decent size correction or simply consolidate for a miniature period of time.
Featured image from Adobe Stock, chart from Tradingview.com
