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Dogecoin

Dogecoin’s Rally At Risk? Past Cycle Trends Points To A Potential Rejection

Godspower Owie
by Godspower Owie
9 months ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A robust market optimism has triggered a bullish run for Dogecoin as the dog-themed meme coin attracts notable price gains over many major cryptocurrency assets with an over 50% daily profit. While the coin has surged significantly over the past few days, a crypto analyst has predicted that the renewed upward strength may be poised for a rejection.

Historical Trends Reoccuring For Dogecoin

In an important update for Dogecoin investors and traders, Master Kenobi, a market expert and trader has warned of a potential rejection of Dogecoin’s recent price rally in the short term. The analyst’s forecast is based on trends from the previous cycle, whereby DOGE encountered strong resistance after a similar upside movement.

Related Reading: Dogecoin Completes Critical Textbook Golden Cross, Here’s What The Short-Term Holds

Furthermore, his perspective suggests that without persistent bullish support, there is a possibility that the meme coin might witness the same price hurdles as the last cycle’s rally, which could result in a brief correction or price consolidation.

Master Kenobi believes a rejection in DOGE’s upswing is probable as he anticipates a final major resistance at $0.33 before retesting its all-time high and the trend line at $0.40. It is worth noting that the decline is likely to be followed by a consolidation phase of roughly 1 to 2 weeks, as seen in the last bull cycle. “This scenario would align perfectly with what we observed during the same period in the previous cycle,” he added.

Dogecoin
DOGE set for a rejection based on past cycle | Source: Master Kenobi on X

According to the market expert, the 91-day rectangle currently depicts an almost identical price trend to the past cycle. Due to this, Kenobi believes that history may be repeating itself, creating similar conditions for a breakout as indicated by the comparative pattern of initial rejection accompanied by a consolidation phase.

Even though DOGE’s past cycle performance indicates a pullback, the expert also highlighted that the likelihood of a continued upward trend is fueled by this fractal-like likeness, especially if crucial support levels remain firm after the impending rejection phase.

Thus far, traders and investors are closely observing Dogecoin’s upbeat momentum for a possible correction in order to adjust their positions in light of consistent rising demand for the second-largest meme coin.

The Next Few Weeks May Be Bumpy For DOGE

Master Kenobi’s insightful analysis aligns with crypto expert, Kevin’s forecast, who has also pointed out a probable price correction for DOGE in the upcoming weeks after examining Dogecoin’s weekly golden cross formation.

Related Reading: Analyst Reveals Why Dogecoin Price Could Reach $10 As Infamous Inverse Head And Shoulders Pattern Returns

According to Kevin, the last time the meme coin formed a weekly golden cross, it experienced a surge of about 200% in the same week. However, in the next 3 weeks that followed, DOGE consolidated and saw a 50% correction. 

Fast forward to 4 years later, the meme coin is displaying the same cross and pump trend once more. Considering the development, Kevin believes that at this range it is logical that DOGE might witness a decent size correction or simply consolidate for a short time.

Dogecoin
DOGE trading at $0.39 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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