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Crypto analyst Master Kenobi once again hinted at the 91-day pattern to provide insight into where Dogecoin price will head next. The analyst suggested that the situation could play out differently as DOGE's price movement does not exactly follow this historical pattern.
Next developments in Dogecoin price
In a post on X, Master Kenobi suggested that the 91-day sequence scenario may have been invalidated for Dogecoin’s price. He explained that the chart only touched the green trend line and failed to break through the yellow or orange trend lines. This green trendline is $0.46, which DOGE price touched last week.
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Source:X
However, Dogecoin price failed to touch the yellow or orange trend lines at around $2 and $4, respectively. Previously, the cryptocurrency analyst predicted that Dogecoin could surpass $1 and reach at least $2 this month as this 91-day pattern completes. Meanwhile, Master Kenobi also explained why it is important why Dogecoin ended in the green last week.
The cryptocurrency analyst noted that the weekly closing price remained in the green, marking the eighth consecutive green week for Dogecoin prices, and the second such time. Statistically, Master Kenobi opined that this is not the most favorable configuration for DOGE price, suggesting that the top meme coin may be in uncharted territory.
However, it is worth noting that DOGE has recorded eight consecutive green weeks, according to Master Kenobi’s previous Dogecoin price updates. The last time this happened was during the final stages of the 2017 bull market, which started in November and ended in January, during which prices rose 1,750%.
Source:X
Therefore, if history repeats itself, Dogecoin's price is likely to continue to record significant increases. In November, DOGE recorded a 161% price increase, giving the leading meme coin a bullish outlook. Meanwhile, the December candlestick is currently green, but DOGE is still not close to its November rally.
DOGE is far from a price breakout
Crypto analyst Kevin Capital argued that Dogecoin price is still far from a breakout. He made this statement while revealing that DOGE is currently in a macro golden pocket just above $0.703 and $0.786, extending to $0.60.
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In line with this, cryptocurrency analysts said Dogecoin is far from any kind of breakout and any price movement below $0.60 should be watched with extreme caution. Kevin also called on market analysts to stop their unbridled euphoria, as Dogecoin’s price is far from where a breakout can be expected.
At the time of writing, Dogecoin price was trading around $0.44, down about 4% in the past 24 hours, according to data from CoinMarketCap.
DOGE price trending above $0.4 | Source: DOGEUSDT on Tradingview.com
Featured image created by Dall.E, chart on Tradingview.com
