Dogecoin (DOGE) Price Breaks Out Of Bullish Chart Pattern Ahead of Trump's Presidential Inauguration

In an X (formerly Twitter) post on Friday, Master Kenobi, a prominent crypto analyst, presented a technical analysis of Dogecoin using historical data and technical patterns to forecast the meme coin's future price.

Crypto analyst Master Kenobi has issued a bullish price prediction for Dogecoin, suggesting that the meme coin could reach a new all-time high (ATH) soon.

In a technical analysis post on Friday, Master Kenobi used historical data and technical patterns to forecast Dogecoin's future price. The analyst's chart showed a Symmetrical Triangle, a bullish pattern that appears when two converging trend lines meet.

According to Master Kenobi, Dogecoin has recently broken out of this Symmetrical Triangle, signaling a potential for a strong bullish move in the breakout direction. The red threshold highlighted on the analyst's Dogecoin price chart showed the meme coin's next key resistance level at $0.44.

If Dogecoin manages to achieve a price beyond this resistance area, the next target would be a new all-time high of $0.74.

Interestingly, Master Kenobi also noted that Dogecoin's recent breakout from its Symmetrical Triangle occurred three days before Trump's Presidential inauguration on January 20, 2025.

Based on this timeline, Master Kenobi suggested that Dogecoin could hit a new ATH in three days, skyrocketing from its market value of $0.39 to $0.74. This significant price surge would present a massive 89.7% increase from current prices.

The analyst's chart also indicated that Dogecoin's projected surge will be gradual, potentially surging past $0.44 to reach a new resistance level at $0.56 and then rising to an ATH price level of $0.74.

While Master Kenobi expressed confidence in his bullish Dogecoin price projection, he also acknowledged the inherent uncertainty in his price predictions, advising investors to remain flexible in their strategies and hold their opinions.

Despite Dogecoin's recent bullish performance ahead of Trump's inauguration, the analyst's technical analysis remains speculative and highlights the volatility of the crypto market.

Nevertheless, the Dogecoin price is rising exponentially, having jumped by 18.8% earlier this week and retesting the $0.4 psychological level.