Crypto analyst Master Kenobi recently discussed Dogecoin’s current price action and Donald Trump’s upcoming inauguration. Based on his analysis, the latter could have a significant impact on DOGE’s price, with the next seven days set to be very important.
What Could Happen To Dogecoin Amid Donald Trump’s Inauguration
In an X post, Master Kenobi revealed that Dogecoin has formed a symmetrical triangle that is closing around January 20, the day of Donald Trump’s inauguration. This indicates that the next seven days could be very important, as the political event could determine whether or not DOGE breaks out of this triangle to this upside.
The analyst’s accompanying chart showed that Dogecoin could first rally to $0.50 if it breaks out from this symmetrical triangle. A rally to $0.55 and the meme coin’s current all-time high (ATH) of $0.74 are also on the cards. Master Kenobi also predicts that DOGE could eventually rally to the much-anticipated $1 psychological level.
The crypto analyst had previously predicted that Dogecoin could reach a new peak around Donald Trump’s inauguration. He made this prediction while alluding to a 77-day timeline between the meme coin’s local top and its next peak. He also made reference to Trump’s inauguration and suggested it would spark a pump for the foremost meme coin.
Besides Trump’s pro-crypto stance, the US president-elect’s inauguration is also a positive for Dogecoin because Elon Musk’s Department of Government Efficiency (D.O.G.E) will finally come to life. This development provides a bullish outlook for DOGE because the meme coin inspired the name of this government department.
Moreover, Musk is a huge Dogecoin supporter and is expected to indirectly shill the meme coin at different times through the mention of D.O.G.E at different times.
DOGE Is In The Midst Of A Surge
In an X post, crypto analyst Trader Tardigrade provided a bullish outlook for Dogecoin, stating that the foremost meme coin is in the midst of a surge. This came as he revealed that DOGE is aligning with the 50 Arnaud Legoux Moving Average (ALMA). The crypto analyst added that the pattern is perfectly synchronized with the last cycle from 2018 to 2020. In line with this, Trader Tardigrade remarked that the meme coin is in the midst of a surge.
Meanwhile, the crypto analyst also recently explained why Dogecoin’s market top in this cycle is still far away. According to him, Dogecoin’s Bollinger Bandwidth (BBW) suggests that the coin still has room to rise until it hits the upcoming peak. His accompanying chart showed that the foremost meme coin could peak above $5.
At the time of writing, the Dogecoin price is trading at around $0.32, down almost 4% in the last 24 hours, according to data from CoinMarketCap.