Crypto analyst Master Kenobi has provided an update on the Dogecoin price action in comparison to the 2021 bull run. The analyst revealed that the DOGE/BTC chart has aligned with this previous cycle and predicted when exactly Dogecoin could experience the long-awaited pump.
Dogecoin Price Nears Long-Awaited Pump
In an X post, Master Kenobi predicted that the long-awaited pump for the Dogecoin price could begin in the third week of this month, around December 30th. This came as he compared the current price action to the previous cycle’s. Although Dogecoin’s pump started earlier than in the previous cycle, Master Kenobi highlighted a similarity between both cycles in relation to the Bitcoin halving.
The crypto analyst noted that on the DOGE/BTC chart, the red week falls exactly 238 days after the last halving, which perfectly aligns with the 2021 bull run. If history were to repeat itself, Master Kenobi envisages that the Dogecoin price will close this week in the red, followed by two green weeks before the long-awaited pump begins in the third week, around December 30th.
His accompanying chart showed that the Dogecoin price could rally to as high as $1.7 when this long-awaited happens around the projected timeline. This will mark a new all-time high (ATH) for the foremost meme coin, with DOGE’s ATH currently at $0.73.
Meanwhile, in his earlier post, Master Kenobi suggested that this red consolidation phase for the Dogecoin price is much needed, although he wished it had happened sooner. He also predicted a new Dogecoin ATH could occur in the first half of January if it doesn’t happen before the year ends.
He believes this Dogecoin price rally to a new ATH could coincide with Donald Trump’s return to the White House based on the ‘Trump Effect’ and Elon Musk’s Department of Government Efficiency (D.O.G.E). D.O.G.E provides a bullish outlook for Dogecoin, given that DOGE inspired the Department’s name.
Hidden Bullish Divergence Forming On DOGE’s Chart
In an X post, crypto analyst Kevin Capital drew the community’s attention to a hidden bullish divergence forming on the Dogecoin price’s daily chart. The analyst remarked that the Bitcoin price still needs to show bullish momentum, so nothing is guaranteed. However, he added that the Dogecoin price action is “textbook” at the moment.
In an X post, crypto analyst Trader Tardigrade also provided a bullish outlook for the Dogecoin price. He stated that Dogecoin is ready for the upcoming rally. His accompanying chart showed that DOGE could eventually reach $30 at the peak of this bull run.
At the time of writing, the Dogecoin price 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
