Cryptocurrency analyst Kenobi’s master provided an update on Dogecoin’s price action compared to the bull run in 2021. The analyst revealed that the DOGE/BTC chart lines up with the previous cycle and predicted when exactly Dogecoin might experience its long-awaited pump.
Dogecoin price is approaching the long-awaited pump
In Post XMaster Kenobi predicted that Dogecoin’s long-awaited price pump could begin in the third week of this month, around December 30. This occurred after comparing the current price action with that of the previous cycle. Though Dogecoin pump started earlier than the previous cycle, Master Kenobi highlighted the similarity between both cycles in relation to the Bitcoin halving.
The cryptocurrency analyst noticed that on the DOGE/BTC chart, the red week falls exactly 238 days after the last halving, which coincides perfectly with Running of the Bulls in 2021. If history were to repeat itself, Master Kenobi predicts that the Dogecoin price will close in the red this week, followed by two green weeks before the long-awaited pump begins in the third week around December 30.
The attached chart showed that the price of Dogecoin may enhance to approx up to $1.70 when this long-awaited event will occur on the expected date. This will mark a recent all-time high (ATH) for the most popular meme coin, with DOGE’s ATH currently standing at $0.73.
Meanwhile, in his earlier post, Master Kenobi suggested that this red phase of Dogecoin price consolidation is very necessary, although he regretted that it did not happen earlier. He also predicted that Dogecoin’s recent ATH could appear in the first half of January if it does not happen before the end of the year.
He believes that Dogecoin’s price surge towards a recent ATH could coincide with Donald Trump’s return to the White House based on the “Trump effect” and Elon Musk Department of Government Effectiveness (DOGE). DOGE provides a bullish outlook for Dogecoin, considering DOGE inspired the name of the Department.
A hidden bullish divergence is forming on the DOGE chart
In the post: X, cryptocurrency analyst Kevin Capital brought the community’s attention to a hidden bullish divergence forming on the Dogecoin daily price chart. The analyst noted that Bitcoin’s price still needs to show bullish momentum, so nothing is guaranteed. However, he added that Dogecoin’s price action is “textbook” at the moment.
In the post: X, cryptocurrency analyst Tardigrade dealer also provided a bullish outlook for Dogecoin price. He stated that Dogecoin is ready for the upcoming rally. The accompanying chart showed that DOGE could eventually reach $30 at the peak of the bull market.
At the time of writing, Dogecoin is trading at around $0.41, up over 6% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
