As many investors are expecting a DOGE comeback, it is now closer to its all-time high price from 2021, thanks to the bull run ignited by Donald Trump’s election victory.
A crypto analyst believes that, since the price of Dogecoin closed last week in the green, it marked a historic moment, becoming only the second time in its price history to achieve eight consecutive green weeks.
The first occurrence was during the explosive final stage of the 2017 bull market, where DOGE price surged by an extraordinary 1,750% between November and January. This time, however, the streak emerges in the early phase of a bull market, with a comparatively “modest” 335% gain.
The analyst known on the X platform as Master Kenobi has keenly observed whether similar market psychology is at play today, especially given the relatively modest gains compared to 2017.
He noted that the current market dynamics are slightly different. While the eighth consecutive green week is a notable achievement, there is a growing concern about the sustainability of this bullish trend.
He mentioned the recent invalidation of the 91-day pattern and the possibility of a market cooldown, as suggested by the weekly RSI (Relative Strength Index). The sentiment is mixed; while there’s potential for further gains, the likelihood of a correction seems imminent.
DOGE Profit-Taking Strategies
He stated a clear strategy for navigating this market phase. Starting at price levels of $0.55/$0.65, he plans to dollar-cost average (DCA) into mid-cap altcoins while gradually liquidating his Dogecoin holdings until reaching the target range of $1.45/$1.55.
This approach reflects a tactical shift from holding a token that has already seen significant appreciation to positioning in assets that may offer greater upside potential. His strategy shows the importance of timing in the crypto market, where shifts can be rapid and unpredictable.
Looking ahead, the analyst remains optimistic about the Dogecoin price reaching a new all-time high (ATH), potentially occurring when market participants least expect it. However, the decision to sell off his Dogecoin is not based on sentiments but a well-calculated move to capitalize on anticipated trends in the altcoin market.
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He believes that certain mid-cap altcoins will begin to outperform Dogecoin, especially as the broader market continues to evolve. Kenobi’s analysis suggests that while Dogecoin has had its moment, the next wave of opportunity may lie elsewhere.
